1. Price regulation in product markets - public education
a) Explain what is meant by public education.
b) Using an economic model show how a subsidy in public education works.
c) Describe the impact of public funding of education in a country of your own choice.
d) If a government decides to fund education what important questions must that government address and what would the answers be?
2. Price regulation in factor markets - minimum wage rates
a) Explain what is meant by the concept of a minimum wage.
b) Using an economic model explain how a National Minimum Wage policy works.
c) Describe the impact of a National Minimum Wage Policy in a country of your choice.
d) If a government chooses to implement a National Minimum Wage Policy what important questions must that government address and what would the answers be?
3. Price regulation in international markets - tariffs
a) Explain what is meant by a tariff.
b) Using an economic model explain how tariffs work in a market of your choice.
c) Describe the impact of a tariff in a country of your choice.
d) If the government decides to use a tariff what important questions must the government address and what would the answers be?