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Question 1:
(a) Describe the three different ways of calculating national income.
(b) Does the National Income figure accurately reflect the living standardof a population? Discuss.
(c) Analyze the different causes of inflation in an economy.
Question 2:
(a) Analyze the characteristics of a monopoly market.
(b) Distinguish between the short and long run equilibrium of a monopoly.
(c) Compare and contrast between the equilibrium position of a monopoly with that of a perfectly competitive firm.
Research has revealed the following information about the market for Thomas chocolates; the demand schedule can be represented by the equation Qd=850 @20 dollar. The supply schedul
Why has it been difficult to produce a single estimate of an environmentally adjusted or "greened" GDP? What are the two approaches that can be used to put a value on environmental
meaning of economics laws
Consider the model of corruption explored by Shleifer and Vishni’s where there is one government-produced good X. There is a demand for that good described by the inverse demand eq
REAL BUSINESS CYCLE THEORY: The parable that motivates this discussion originated with Edmund Phelps and invites you to think that all men (and women) are islands. They have p
Former communist economies which is, with varying degrees of enthusiasm and have embraced CAPITALISM.
who is a rational producer?
Problem: i) What do you meant by the term ‘economic efficiency'? ii) By using appropriate examples differentiate between fixed and variable costs. iii) Consider different
Which of the following is evidence of market power? a. Output is fixed despite cost changes b. Optimal Output is less than industry output c. Output changes as cost changes
Economies of Scale
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