1. What are the main causes of ‘market failure’ in your country at the present time? Which state…

1. What are the main causes of ‘market
failure’ in your country at the present time? Which state interventions are
most likely to correct them in a cost-effective way?

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2. Is it possible for public expenditure to
comprise more than 100 per cent of GDP? Demonstrate how this might occur and
discuss how it might affect the macro economy.