Reference no: EM132876552
QUESTIONS
1. A government might intervene in a free market economic system" discuss five reasons that might drive a government to intervene
2. Explain four disadvantages of a planned economy
3. Summarize four roles of economy agents in a mixed economy
4. Briefly explain five characteristics of a free market system
5. Outline six disadvantages of free market economy systems
6. Identify four factors that could lead to market failure in an economy
7. Briefly explain the challenges encountered by planned economic system in their transition to market oriented economies
8. Discuss the key features in a mixed economic system
9. Write short notes on the following fundamental concepts:
a). scarcity and choice
b)opportunity cost
c). production possibility frontier
d). positive and normative economics
10. Using specific examples, explain 'ceteris paribus' as used in economics
11. Why is the consumer said to be sovereign?
12. What factors limit this sovereignty
13. Explain the difference between "inelastic demand" and "unitary elasticity of demand"
14. State three reasons why the demand curve slopes downwards
15. Explain five factors that demand the price elasticity of supply of a commodity
16. Enumerate six factors that could lead to a rightward shift of the supply curve
17. Explain the term "price control " as used in economy
18. Highlight eight reasons for price control in an economy