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The key to answering a question like this is to know a basic policy that HM Government has implemented recently. You can have a few policies that you remember so that when a question like this comes up...

A country is likely to benefit from higher rates of GDP growth. This is because access to a greater market size means greater export potential for countries like Malawi to exploit their comparative adv...

Price elasticity of demand is the responsiveness of demand to a change in price. (Definitions are key in economics!)1. The number and closeness of substitutes, if a good has many close (similar) substitut...

In the long run, all factors of production are variable. Also, two of the assumptions of firms in perfect competition are free entry and exit, as well as perfect resource mobility.

In the...

Monopolies generate economic profit and are therefore better able to invest in research & development which may improve their productive effiency, making them more dynamically efficient over time.