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QUESTION
(a) Using diagrams where appropriate, explain the concepts of scarcity, choice and opportunity cost.
(b) Distinguish between positive and negative externalities, illustrating your arguments with appropriate examples where necessary.
(c) Define the concept of economies of scale and discuss the different sources of economies of scale.
(d) Using demand and supply analysis, explain the influence of the imposition of a maximum price and a minimum price on a product on price and quantity.
How can less developed countries economies produced by developing its primary sector as agriculture? Less developed countries economies cannot grow by developing its primary se
elasticity concept occupies a central place in policy formulation
why do businesses have to sped money (expenditure)in order to succeed?
Does aid improve development? Aid improves development as: • Aid is utilized to increase productive capacity and the advantages of resultant growth is extensively spread an
QUESTION 1 (a) What, according to you, are the ergonomic problems associated with the use of visual display units? Describe the measures which can be taken to eliminate these p
Does economic growth automatically reduce poverty? Growth implies more goods and services are obtainable to satisfy more wants and requirements. But the benefits of growth may
Quantitative demand for watermelons = 50-3P(wm) - 20P(hd) + 10 P(sc) + 0.001(income) P(wm) = $4.00 P(hd) = $3.00 P(sc) = $2.00 Income = $40,000 Quantity supply of watermelons = 2
In brief, the price of anything is based on comparative benefit. If Adam makes clocks better and cheaper than Bill, all clock production should go to Adam.
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
What is mean by stabilization policy? Taming the Business Cycle: To decrease the severity of recessions policy efforts undertaken are termed as stabilization policy. a
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