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IGCSE Economics 0455 October November 2024 Paper 2, Variant 3 – Sample Answers and Examiner Commentary – Question 2

Question:

2. Luxembourg is a country with a high level of economic development. Its government intervenes in an attempt to overcome some of the disadvantages which might exist in a market economic system. Some of the country’s firms operate in competitive markets but some are monopolies.
Households in the country save a high proportion of their income. Immigration is the main causeof the country’s growth in population.
(a) Identify two influences on the proportion of income saved by households. [2]
(b) Explain two characteristics of monopoly. [4]
(c) Analyse the causes of migration between countries. [6]
(d) Discuss whether or not government intervention can overcome the disadvantages of a market
economic system. [8]

Sample Answers:

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