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Question 1:
Write short notes on any FOUR of the following: (equal marks each)
(a) Law of diminishing returns (b) Barriers to entry (c) Consumption Function (d) Devaluation (e) Multiplier Effect (f) Phillips Curve
Question 2:
(a) Giving examples, explain what do you understand by products differentiation?
(b) Discuss the output and price determination of a firm in the short run and long run concerned with differentiated products.
Question 3:
(a) Explain why a firm involved in the steel industry may not opt for a ‘price war' at least in the short run.
(b) Discuss why a member-firm of a cartel is prompted to cheat in the long- run.
QUESTION (a) Explain the 3 methods of calculating National Income? (b) Why do all countries in the world calculate their National Income every year, despite all the difficul
What are the major area of decision making ? How does economic theory contribute to managerial decision ?
How does economic system influence the development process? The development experience of free market or capitalist and command as socialist/communist countries is extremely d
What are the limitations of balanced growth? The limitations of balanced growth: • The strategy of balanced growth is away from the resources of most poor countries; • Go
XYZ is a company that produces a variety of medical appliances for hospital and home use. It has experienced a steady demand for its products, which are highly regarded in the heal
rice donation
the markert is said to be an invisible hand in the economic system , how
what are the two economy of money?
How does Structural Adjustment Programmes/Poverty Reduction Strategies assist development? Structural Adjustment Programmes (SAPs) /Poverty Reduction Strategies (PRS) are an ef
How can trade agreements assist development? A trade agreement is while two or more countries to by decrease or abolish tariffs, non-trade and quotas barriers which are establ
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