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Review of the UK economy in 2022

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Questions on inflation and the bank rate

QUESTION AND ANSWER

Merit goods

In this column, Steve Stoddard offers guidance on answering examination questions about merit goods

There are certain goods and services that society argues we should consume more of, because it is believed that they are good for us. Such products may be referred to as merit goods and include healthcare, education, exercise and a healthy diet.

What reasons might there be why individuals don’t consume enough of these products and what can governments do to improve the allocation of resources in these cases?

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Previous

Review of the UK economy in 2022

Next

Questions on inflation and the bank rate

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