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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
Is unemployment and underemployment a problem? The cost of unemployment is both: • Economic along with the opportunity cost of lost output raised poverty and inequality
Is foreign debt a problem? Foreign debt is the whole amount owed overseas through a country at an exact moment in time. Debt is a problem since • High debt imply high inter
Evaluation of perfect competition arguing the effect on stakeholders, priorities and SR/LR
Define the aggregate price level in the macroeconomics. Aggregate Price Level: A nominal measure is a measure which has not been adjusted for modifications into prices
Question 1 Part A - The following schedule shows the market for oranges. Use this data to answer the questions below. Provide full calculations for all your answers. (i)
What are Harrod-Domar restrictions? Harrod-Domar restrictions: • Non economic social, cultural, political and institutional circumstances are unimportant into growth pro
QUESTION Write short notes on any three (3) of the following: (a) National income and the standard of living. (b) Globalization and its implications for developing countr
What is the Washington Consensus? The Washington Consensus is a set of polices arguments advocated through free market economists to motivate growth and it is at the heart of
QUESTION (a) Explain clearly what inflation is and elaborate on its main causes. (b) "There is a trade-off between inflation and unemployment" Do you agree with this stateme
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