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QUESTION
(a) Explain the relationship between scarcity, choice and opportunity cost.
(b) Distinguish between centrally planned, laissez-faire and mixed economic systems regarding the resource allocation problem.
(c) According to you which of the above three economic systems is the best? Justify your answer.
Problem: (a) Critically asses the difference between economic growth and economic development. (b) Describe the definition of economic development as a multidimensional pro
Is an unequal distribution of income and wealth a problem? Explain in short. Yes: because specified no government intervention, which on very low incomes cannot afford necessar
Why does a production possibilities frontier with increasing opportunity costs have a bowed-out shape?
You are evaluating a project that has the following cash flows: -100 today, then cash inflows of 20, 30, and 40 for the next three years, respectively, and thereafter cash flows gr
Describe the terms inflation, deflation, and inflation rate and price stability. Inflation and Deflation: a. An increasing aggregate price level is called as inflation.
the central problem facing a group of survivors on a ship
Advanced Package Service (APS) offers overnight package delivery to business customers. APS has recently decided to expand its facilities to better satisfy current and projected d
You are given the following functions in a fully competitive market: Market demand function: Qd = 20 – 3P Market supply function: Qs = 4 + P Where P is price A) In which price s
What are the advantages of informal economy? Advantages of the informal sector: • Employment, opportunities and income. • Offers cheap inputs for the formal sector •
Analyse the effect of contraction phase to the vulnerable society
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