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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, il
define scarcity and opportunity cost? what role these two concepts play in the making of decision making?
QUESTION 1 (a) Explain clearly the various sources of Industrial Law (b) The mutual consent of the contracting parties is required for a contract of employment to be valid, but
Aska) Explain why each of the following factors may influence the own price elasticity of demand for a commodity. (i) Consumer preferences, that is, whether consumers regard the c
What is the role of World Bank in the promotion of development? The World Bank was found to promote post-war reconstruction and flow of capital to progressing countries. Its o
What are the restrictions of dependency theory? The restrictions of dependency theory: • Self sufficiency and import-substitution strategy mean the advantages of Internatio
Sampling and tests of significance are very important tools in business economics. In fact one cannot do any meaningful marketing research without the requisite knowledge of sampli
The prevention of main swings in economic activity can be handled most simply by the household sector. Explain why?
In the model with utilities W i = c i + α ln(x i ) where individuals are endowed with ability levels w p m R and form fractions π p , π m , π r with π m > π p , π r
Question 1: a) Explain, with the use of examples, what is meant by the ‘Factor Endowment Theory'. b) According to you, can the ‘Factor Endowment Theory' be a reasonable e
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