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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?
Costs of Economic Growth (Increase in National Income) 1. People living in industrial towns suffer from the effects of a polluted atmosphere. 2. The manufacture of
Opportunity Cost This is the amount that is sacrificed when choosing one activity over the next-best alternative. In organization, an example of opportunity cost is seen in th
FACTORS RESPONSIBLE FOR WAGE DIFFERENTIALS WITHIN THE SAME OCCUPATION i. Differences in the environment: For example a doctor sent to North Eastern Province must be pai
Elasticity of Demand As the law of demand establishes a relationship between quantity demanded and price for a product, it doesn't tell us exactly as how weak or strong the rel
Demerits of direct taxes a. Heavy direct taxation, especially when closely linked to current earnings, can act as a serious check to productivity by encouraging absenteeism
list all profession which generate personal income
demand function is q=4850 - 5p(1) + 1.5p(2) + 0.1 Y WHEN Y=10000 p(1)=200 p(2)= 100 find income elasticity of demand for p(1)
points and its explanation
Problem: (a) Explain with the help of a diagram, the effect on a consumer's equilibrium, of an increase in the price of commodity X while the consumer's money income and price
Advantages of the Mixed Economy Necessary services are provided in a true market economy, services which were not able to make profit would not be provided. Incentive: Sin
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