Assess the arguments for and against privatisation. Examine the role of the competition policy in the UK using examples to illustrate your arguments. What is the national income multiplier? How useful is it for policy purposes? Explain how GDP at factor cost can be found using the expenditure method.

Which one of the following theories of growth predicts that the real wage will remain at the subsistence level and economic growth be zero in the long run? a) Endogenous growth theory b) Neo-classical growth theory c) Classical growth theory d) Modern growth theory e) Keynesian growth theory

Which one of these has the initial task of deciding whether the potential merger should be classified as a relevant merger and investigated further? a) Office of Fair Trading b) Secretary of State for Trade and Industry c) Competition Appeals Tribunal d) Competition Commission e) Court of Appeal

Discuss the notion that the bargaining solution to environmental problems results in the same outcome whether the polluter compensates the sufferers or the sufferers pay the polluter to reduce their levels of emissions. Discuss the relative merits of bargaining as a solution to environmental problems.

Inflation that is higher than expected transfers resources from: a) employers to workers and borrowers to lenders b) workers to employers and lenders to borrowers c) workers to employers and borrowers to lenders d) the unemployed to those in work e) employers to workers and lenders to borrowers.

In terms of a Giffen good: a) the income effect is negative but does not outweigh the substitution effect b) the income effect is negative and outweighs the substitution effect c) there is no income effect d) the income effect is positive, reinforcing the substitution effect e) none of the above.

Which two conditions are most likely to lead to a rise in union bargaining power? a) Rise in the percentage of the workforce in the union b) Increased competition in the product market c) A sustained rise in GDP d) Relatively high elasticity of demand for labour e) Monopsony in the labour market

Briefly review the main features of the UK financial system. Explain the importance of this system to the efficient working of the UK economy. How might the Bank of England seek to reduce the liquidity within the UK economy? Consider the factors that might result in a higher interest rate for the economy.

Which two of the following are features of a command economy? a) A dependence on price signals to allocate resources b) An extensive planning bureaucracy c) Little intervention by the state in the economy d) Government ownership of the means of production e) Extensive deregulation of economic activity