5 questions on Information Gaps (Edexcel specification 1.3.4) from the A-Level Economics papers, 2017–2021. Every question links to the official mark scheme at the page its answer begins on.
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With reference to Extract C, assess whether Thomas Cook’s failure was caused by the principal-agent problem.
3.2.1 Business Objectives · 1.3.4 Information Gaps
Explain how ‘asymmetric information’ (Extract B, line 30) can lead to market failure in health provision.
With reference to Extract C, assess possible reasons why many ‘landline-only’ customers do not switch to a cheaper telephone provider.
1.3.4 Information Gaps · 1.2.10 Alternative Views of Consumer Behaviour
With reference to Extract B, explain two likely reasons why many consumers of energy have not switched to suppliers offering lower prices.
1.3.4 Information Gaps · 1.2.10 Alternative Views of Consumer Behaviour
Assess the extent to which ‘information gaps’ (Extract B, lines 5 and 6) and ‘irrational behaviour’ (Extract B, line 11) are the main causes of food waste in the UK.
1.3.4 Information Gaps · 1.2.10 Alternative Views of Consumer Behaviour
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