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QUESTION
(a) Explain the relationship between scarcity, choice and opportunity cost.
(b) Distinguish between centrally planned, laissez-faire and mixed economic systems regarding the resource allocation problem.
(c) According to you which of the above three economic systems is the best? Justify your answer.
What factors affect Population Change? Population growth is affected by given factors: • Births from the 1960s birth rates have declined quickly inmost LDCs except which in
Q.No2 Read the following situation Consider the following parlor game to be played between two players. Each player begins with three chips: One red, one white and one blue. Ea
uses of time series
What effect would a rule stating that university students must live in university dormitories have on the price elasticity of demand for dormitory space? What impact might this in
Staff time is generally the principal cost component of an IS project. Define five other areas where project costs could increase. Project costs also occur by: • Contract la
how the concept of elasticity used for policy formulation
QUESTION (a) Explain and evaluate the rational expectations theory. (b) What is the major argument of the supply side economists in relation to taxation policy? How is it di
solution
Hatfield owned a large farm on which he grew grain. His combine was inadequate in relation to the acreage of grain that he harvested annually. As a result, on several occasions his
what are the major socio economic problems of India which hamper the growth and development
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