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Question: (a) Discuss the conditions necessary to achieve Pareto Efficiency. (b) Competitive markets are generally assumed to lead to a Pareto optimal allocation of resource
Can less developed countries economies grow by developing services as tourism? Less developed countries economies grow by developing services as tourism when: The less deve
A manufacturing company has determined from an analysis of its accounting and production data for a certain part that : a. Its demand is 9000 units per annum and is uniform
What is structural change? Structural change: Structural change arises while the associate share of GDP and employment accounted for through the primary, secondary and te
How can the savings gap be plugged? Low savings are a barrier type to growth. All developing countries have low incomes therefore low savings. A savings gap can be met through
What are the advantages of informal economy? Advantages of the informal sector: • Employment, opportunities and income. • Offers cheap inputs for the formal sector •
Discuss the following in relation to China's market reforms: (1) the political and economic factors on the basis of which China decided to undertake market reforms; (2) how
A member of your team shows disruptive behaviour. Her work is excellent but she is not a team player. The results are that she does not make a payment to team effort and her collea
Define the planned or command economy system. Planned or command economy: Resources are owned through the state. The state assigns resources, and sets production goals a
What are the similarities among the developing economies? Common characteristics of LDCs (Less Developed Countries) include: • Low living standards (that is low real income
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