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QUESTION 1
(a) Explain the relationship between scarcity, choice and opportunity cost.
(b) How is choice about the use of scarce resources made in a market economy?
QUESTION 2
(a) Briefly explain, what is meant by
(i) Price Elasticity of Demand
(ii) Income Elasticity of Demand
(iii) Cross Elasticity of Demand
(b) "Consumers and producers pay equal amount of a per-unit tax." Discuss.
Define the implications of dependency problem. Implications of dependency problem: To escape exploitation, underdeveloped countries should gain political, economic and so
PROBLEMS OF LOWER INCOME COUNTRIES There are vast income and wealth disparities in world we live in. Approximately one-fourth of the world’s population accounts for the three-f
The Basic assumption which underlay the government of international economy has been that the economies of the world would converge around a capitalist model. The details of such a
This assignment focuses on the analysis of data within the research design process. Essentially there are two parts to it: The first part will be an analysis of numerical da
micro and macro economicsapplied to business environment
Task You work for a government of a European country that is considering making admission to museums of your country free to make them available to everybody. You have deci
How is effort monitored onto a project? It is significant that the effort to be spent onto activities is reassessed on a regular basis – why is it so very important? Effort is
Is structural change a problem? Economies are dynamic and adapt to meet evolving consumer wants needs. This means resources are moved from use to use in response to, say, chan
What is the development gap? The development gap refers to the divergence between standards of living in the developed and developing world. As like Source World Bank:
two political party called hawks show apoint ppf that the hawks might choose and a point the doves might choose
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