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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?
Suppose the firm mark up over the cost is 10% and the wage setting equation is W=P (1-u) where U is the unemployment rate. a) Find out the real wage rate implied by the price se
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The fragmentation and redundancies of the U.S federal system are expensive in terms of coordination and personnel costs. Would you favor or oppose greater consolidation? Why or why
eiplain why indifference curve are convex to the origin
Earlier than the Civil War, the South graded with the North and with England. It sold cotton and bought manufactured goods and food. Throughout the war, one of Lincoln's first acti
The major economies in the world are in a deep recession although there are some signs of growth. What implications has such a recession had for international business? How have go
what is volume of production and the factors influencing them
study guide for Magruder''s American Government. the tests are supper hard
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