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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 rega
The government spending on given goods and several services including public. This is government spending on state-provided goods and services including public and merit goods. Dec
what makes other individuals save more than others
What is a firm
QUESTION (a) What are the main types of unemployment? (b) Mauritius has been facing an alarming rate of unemployment during the last 5 years (i) What reasons could explai
Foreign Exchange Market and Arbitrage Process: 1. Suppose that the Brazilian Real is quoted at R 0.9955-1.0076/US$ and the Thai Baht is quoted at B25.2513-3986/US$. What is
Question 1 Explain the law of diminishing returns. What are its causes and effects? Question 2 Compare perfect and imperfect markets Question 3 A monopolist with a linea
Why is the growth rate and significant for development? The rate of economic development is the percentage increase within real GDP over twelve months. • The higher rate of
you are appointed secretary of the treasury of recently indepent country called rugaria
What are colonial background countries of the development process? A colony is a country controlled by other. Various European countries had extensive empires as: • Latin
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