Extract B
Table 1: Region Y forestry sector funding & revenue, 2017–18 and 2023–24
| £ millions | 2017–18 | 2023–24 |
|---|---|---|
| Commercial timber & biomass sales | 4,280 | 5,840 |
| Government afforestation subsidy | 1,350 | 2,120 |
| Carbon credit scheme reimbursement | 780 | 1,150 |
| Ecotourism & other commercial income | 390 | 490 |
| Total | 6,800 | 9,600 |
Using the data in Extract B (Table 1), calculate the amount of government afforestation subsidy per £ of commercial timber & biomass sales in the Region Y forestry sector for the year 2023–24. Give your answer correct to the nearest penny.
378 exam-style questions on AQA A Level Economics 1.8 The market mechanism, market failure and government intervention in markets, covering 1.8.1 How markets and prices allocate resources, 1.8.2 The meaning of market failure, 1.8.3 Public goods, private goods and quasi-public goods, 1.8.4 Positive and negative externalities in consumption and production, 1.8.5 Merit and demerit goods, 1.8.6 Market imperfections, 1.8.7 Competition policy (A-level only), 1.8.8 Public ownership, privatisation, regulation and deregulation of markets (A-level only), 1.8.9 Government intervention in markets, and 1.8.10 Government failure. Each one has a worked solution and a mark scheme showing where the marks go.