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.