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Question 1 Explain the law of diminishing returns. What are its causes and effects?
Question 2 Compare perfect and imperfect markets
Question 3 A monopolist with a linear demand curve finds that it can sell two units at £ 120 each or 12 units at £ 20 each. Its fixed cost is £ 20 and its marginal cost is constant at £ 30 per unit
Question 4 Discuss Subsistence Theory and Wage Fund Theory of Wage Determination
Question 5 According to Bohm-Bawerk what are the reasons for the emergence of rate of interest?
Question 6 Discuss the short run and long run aggregate supply curves
Define institutions in the context of business strategy, and explain the role of institutions when considering entering a foreign market. Explain the role of culture in how these i
Evaluation of perfect competition arguing the effect on stakeholders, priorities and SR/LR
Problem (a) What do you meant by Contract Management and what is the central aim of contract management? (b) Show the end-of-contract options and describe the cost involve
QUESTION 1) Explain the term Balance of Payments (BOP) and how a government would intervene to correct a BOP deficit. 2) Explain the protectionist measures that a government
How does culture influence the development process? Culture influences what is of value into a society and affects how individuals, communities and organisations react to modi
purely competitive firms increase total revenue by
How does population growth produce development? The impact of population growth depends upon the form: • By net migration. When the increase into population is highly skill
Can comparative benefit change over time? Comparative benefit is a dynamic concept. A country can obtain or lose comparative advantage overtime when there is a change within r
Define advocates of the International Monetary Fund argue. Advocates of the International Monetary Fund (IMF) argue • Competitive devaluations were a characteristic of the i
QUESTION (a) Using diagrams where appropriate, explain the concepts of scarcity, choice and opportunity cost. (b) Distinguish between positive and negative externalities, il
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