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Question 1:
(a) Briefly explain and distinguish between a centrally planned, laissez-faire and mixed economy.
(b) According to you, which kind of economic system is most desirable? Why?
(c) Analyse the public and private sector solutions to the problem of externalities.
Question 2:
(a) What are the basic causes of inflation?
(b) ‘There is a trade-off between unemployment and inflation.' Do you agree with this statement? Justify using appropriate diagrams.
(c) Mauritius is actually facing a problem of high unemployment.
Question 3:
(i) Analyse the main types of unemployment.
(ii) What measures will be taken to remedy the situation?
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what is cardinal and ordinal utility?.
what is the uses of production functns?
Equilibrium Income In this model, aggregate desired expenditure has three components: Consumption, Investment and Government Expenditure:
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a) The production-possibilities curve is? b) If there is a shortage in the provider of a product, we can conclude that its price: c) An enhance in supply and a
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