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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?
Problem: Long-Run Labor Demand and Factor Substitutability Suppose there are two inputs in the production function, labor (L) and capital (K), which can be combined to produce
(i) Do the laws of economics still work today? (use the case discussed in class to answer this question or any other examples) (ii) Provide examples of three factors that can sh
Define scarcity and opportunity cost. Show how these concepts are useful in managerial decision making
Infant Industry Argument Advocates of this maintain that if an industry is just developing, with a good chance of success once it is established and reaping economies of sale,
Cheap Labour It is often argued that the economy must be protected from imports which are produced with cheap, or 'sweated", labour. Some people argue that buying foreign
Increase in demand SS is the supply curve and D 1 D 1 the initial demand curve shifts to the right, to position D 2 D 2 . P 1 is the initial equilibrium price and q 1
Consider an economy with two individuals. Individual 1 has (inverse) demand curve for a public good given by P1=60-2Q1, While individual 2 has (inverse) demand curve for the public
What will be the table of total cost function?
real GDP is increasingly criticized for its alleged failure to adequately measure the standard of living. To what extent do you think this criticism is valid?
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