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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?
What is average cost in the producing output? Average total cost , frequently considered as to simply average cost, is sum of total cost divided through quantity of output gen
If the price of a good rises, what are people likely to do? a Substitute a less expensive good b Buy more of the good c Buy more of all goods because of added buying power d All of
Roles of government in controlling market forces under neoclassical view
definition, argument to protectionism and argument against protectionisms
# ???? .. difference between gdp at market price and nnp at factor cost
A government can finance its budget deficit by doing all of the following except: A. borrowing from its central bank. B. printing money. C. selling bonds. D. buying bonds.
How much will your firm's total revenues (revenues from both products) change if you increase the price of good X by 2 percent?
1. if the marginal cost of seating a theatergoer is $5 an the elasticity of demand is -3, the profit maximizing price is? 2. A firm determined that its total cost of production
ABSOLUTE ADVANTAGE
what are some internal market forces and how is the outcome of output, jobs, prices, growth, and international balance
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