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IB Economics HL 2.8 Market Failure Externalities and Common Pool or Common Access Resources Questions

Evaluate externalities and common-access resources using welfare analysis, diagrams, assumptions and policy trade-offs.

Syllabus
First assessment 2022
Course
Economics HL
Level
HL

Exam points

  • Use externality diagrams to distinguish private and social costs or benefits and locate welfare loss.
  • Evaluate taxes, subsidies, permits or regulation against efficiency, equity and enforcement constraints.
  • Explain common-access resource depletion through rivalry, non-excludability and missing incentives.

Covered syllabus points

2.8.1—Socially optimum output2.8.2—Externalities and welfare loss2.8.3 (HL)—Welfare loss calculation2.8.4—Common pool resources2.8.5—Responses to externalities and common pool resource problems2.8.6—Evaluating policy responses

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