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Problem 1:
i) Define the three main Economic Systems?ii) How can knowledge on price, income and cross price elasticity of demand, be helpful to the Government and a firm, respectively? iii) Many of the Eastern European countries who were previously centrally planned economies have placed greater emphasis on market forces . Discuss the reasons behind such a trend.
Problem 2:
i) Explain the main causes of unemployment.
ii) What do you understand by the terms: a) Demand-pull inflation b) Cost-push inflation.
iii) To what extent can fiscal and monetary policies be used to deal with a high rate of inflation?
Problem: (a) What do you meant by public policy? What does the study of public policy involve? (b) How are problems that might lead to public policy identified and defined?
1. If GDP is not a good measure of economic well-being, why then it is always used by the president in his/her STATE OF THE NATION''S ADDRESS?
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As you know, the principal-agent problem stress the effect of asymmetric information between the principal and the agents on economic outcomes, the equilibrium in a principal-agent
Question 1: " Public policy gives one a better understanding of what governments do, why they do what they do and what difference public policy makes to the lives and circumst
circular flow of income in a frugal economy
what are the principles of public debt?
The coordination problem relates us to not only the levels of activities like research and developments (R&D) and investments but also to the behaviour of institutions that charact
Graphthe market for water park business, labeling the demand curve, the social-value curve, the market equilibrium level of output, and the efficient level of output. What is the p
The other type is called ex-post heterogeneity which refer to the conflict (of interests) arising due to distributional implications of the public policy. Thus when a public polic
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