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QUESTION 1
(a) Explain the relationship between scarcity, choice and opportunity cost.
(b) How is choice about the use of scarce resources made in a market economy?
QUESTION 2
(a) Briefly explain, what is meant by
(i) Price Elasticity of Demand
(ii) Income Elasticity of Demand
(iii) Cross Elasticity of Demand
(b) "Consumers and producers pay equal amount of a per-unit tax." Discuss.
Are patterns of trade a problem? Generalising Less Developed Countries have a comparative advantage into primary products and employment intensive manufacturing; Developed Cou
Calculate the expected yields for a (1,4,2,1) path
Select an organization and discuss what type of information should be protected in a BIA plan. How would you ensure protection of the confidentiality of such information and preven
What are the formal and informal sectors? Formal and informal sectors: Economic activities considered as to the government make up the formal sector of the economy. That
DEVELOPMENT THROUGH RESOURCE TRANSFER is explained below The chief idea here was that (as mentioned previous) poor countries suffered from the savings and foreign exchange gaps
What effect would a rule stating that university students must live in university dormitories have on the price elasticity of demand for dormitory space? What impact might this in
QUESTION 1 i) Distinguish between the different kinds of concentration measures ii) Briefly describe the axioms of Hannah and Kay (1977) iii) Derive and explain the Dorfm
How can the population controlled? Governments can take some steps to controlled populations: • Enhance the education of women and their employment opportunities raises and
define scarcity and opportunity cost? what role these two concepts play in the making of decision making?
Is the Washington Consensus actually a consensus? The Washington agreement thinking dominates development thinking in the developed world but is challenged through less develo
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