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1. Explain externality, how can government intervene to achieve allocative efficiency in case of external cost or external benefit?2. Explain oligopoly's structure and use game theory to explain why oligopoly firms tend not to use price to compete.3. Analyse the strengths and weaknesses of GDP as a measurement.4. Distinguish frictional, structural and cyclical unemployment. How is unemployment measured? What are the costs of unemployment and how can policy makers reduce its impact?5. Explain inflation, and the difference between anticipated and unanticipated inflation. 6. Distinguish demand pull, cost push and imported inflation using graphs where appropriate. What are the likely causes of current inflation in Australia? 7. Explain why the demand curve for the Australian dollar is downward sloping, and why the supply curve for the Australian dollar is upward sloping. 8. Explain why changes in the business cycle affect the durable and non durable industries differently.9. Explain the impact of expansionary or contractionary fiscal policy on GDP. Discuss the problems of Fiscal Policy?
draw a PPF when a hurricane slows down the nest two months of butter production?
If producers expect future prices to enhance, current supply will decline in favor of selling inventories at higher prices later. In other words, supply will reduce (a shift to th
how to find least cost combination of factor inputs given the production
Sources of external economies of scale: Economies of Skilled Labour: This involves upgrading the skills of labour through the provision of education and training faci
illustrate and explain the changing demand gor big Mac using the indifference curves and budget line
if a commodity has limited demand , should economist say that we still have a scarcity ?
what is the theory of second best ? prove the theorem with the help of a diagram ?
Describing Risk * To measure risk we should know: 1) All the outcomes which are possible. 2) The probability that each outcome will occur. * Interpreting Probability
Why does a price index based on constant weights tend to overstate inflation in periods after the base year when the price of one good is rising quickly compared to other goods?
specific characteristics of human existance
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