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Problem 1:
a. Briefly explain and distinguish between a centrally planned, laissez-faire and mixed economy.
b. According to you, which type of economic system is most desirable? Why?
Problem 2:
a. Describe, with the aid of a diagram, what is meant by the circular flow of income.
b. Explain the problems involved in using national income data to compare standards of living in different countries.
2. You are examining the effects of a specific tax of 10 cents imposed on the sales of a product that we shall call XYZ. To carry out your analysis, assume that the market is a per
The reduced row echelon form of A= is equal to R = (a) What can you say about row 3 of A? Give an example of a possible third row for A. (b) Determine the values o
the fours laws of chemical combination
market failure
Explain how the price system eliminates a shortage. A deficiency means that quantity demanded is greater as compared to quantity supplied. This will lead to upward pressure on pr
I''m having trouble with this problem.....I must have missed the class that it was discussed in. I''m more confused with the interpreting the equations with all the Labor demand/La
Following the tremendous success of the 'Matthew Hayden Cookbook', we are once more welcomed into the home-and, more importantly, the kitchen!- of Australia's gourmet cricketer for
Define Law of conservation of mass, Explain briefly, Law of conservation of mass: In all physical & chemical changes the total mass of the reactants is equal to that of the produ
Discuss the concept of dynamic multiplier
1. Cost minimizing firms must be profit maximizing as well. False, why??
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