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Problem:
(a) Critically asses the difference between economic growth and economic development.
(b) Describe the definition of economic development as a multidimensional process involving major changes in every aspect of a society.
(c) Show the costs and benefits of being a small and remote island economy.
(d) Describe the role that the importance of capital formation in determining growth outcomes.
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QUESTION (a) With reference to price elasticity of demand, discuss and illustrate the effects on government revenue of increasing value added tax on goods and services. (b)
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