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Question 1:
(a) What are the characteristics of market and command economies?
(b) In a number of countries in recent years, there has been a movement towards a greater reliance on the market system. Assess to what extent this trend is beneficial for an economy.
(c) Using suitable examples, differentiate between public and merit goods.
(d) Describe, with the help of relevant examples, the relationship between private, external and social cost.
Question 2:
(a) Discuss whether international trade between countries is always beneficial.
(b) What are the economic reasons for protectionism?
(c) Does the National Income figure accurately reflect the living standard of a population?
Was money a better store of value in the United States in the 1950s than it was in the 1970s? Why or why not? In which period would you have been willing to hold money? Which one w
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how do I calculate the chained dollar method for real gdp
Functions of Money During the course of history money has taken various forms. In fact, there is no difficulty in identifying money but the problem is defining money. Economis
Q. Define do you mean by GDP growth? By (nominal) GDP-growth we mean the percentage change in (nominal) GDP over a specific period of time. Real GDP growth is defined as percen
difference between gdp at market price and nnp at factor cost
Explain the concept of elasticity and describe why the supply of petrol in the short run is relatively inelastic.
Suppose the own price elasticity of demand for good X is -5, its income elasticity is 2, its advertising elasticity is 4, and the cross-price elasticity of demand between it and go
Classify each of the following as employed, unemployed, or not in the labor force. a. Beth is not working; she applied for a job at Wal-Mart last week and is awaiting the result
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