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Problem:
(a) "Economics is the study of how society decides what, how and for whom to produce". Describe the importance of opportunity cost to a society.
(b) Distinguish between a centrally planned, laissez-faire and mixed economic systems regarding the resource allocation problems.
(c) According to you which of the above economic system is the best.
CHARACTERISTICS OF ECONOMIC INFRASTRUCTURE: Natural monopoly is the situation where the provision of a good or a service has economies of scale, which are realised most when a
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Q. What is Free Trade Agreements? Free Trade Agreements:It is an agreement between two or more countriesthat eliminates tariffs on trade between the countries, reduces non-tari
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Suppose that nominal interest income is taxed at a rate of 30%. Calculate the before-tax real interest rate and the after-tax real interest rate if the nominal interest rate is 6%
Cardinal Theory: An Introduction In cardinal approach, utility is measured cardinally or numerically in terms of money. The consumer not only knows which one is preferred but
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