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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?
Open Market Operations The Central Bank holds government securities. It can sell some of these, or buy more, on the open market, buying or selling through a stock exchange or
Equilibrium Income In this model, aggregate desired expenditure has three components: Consumption, Investment and Government Expenditure:
monopolistic competition
OBJECTIVES OF GOVERNMENT Government policies are required in market economies to achieve certain goals. There are broadly two types of government policies viz; Microeco
examples
law of demand
Suppose you are an efficient expert hired by a manufacturing firm that uses two inputs, labor (L) and capital (K). The firm produces and sells a given output. You have the followin
Total Cost (TC) This is the sum of fixed costs and variable costs i.e. TC = FC + VC.
Theory of Consumer Behaviour Through the study of theory of consumer behaviour we can be able to explain why consumers buy more at a lower price than at a higher price or put
a) A country should always protect its domestic industries. Discuss. b) To what extent can a country actually rely on the principle of Comparative Advantage before engaging
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