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What are the formal and informal sectors? Formal and informal sectors: Economic activities considered as to the government make up the formal sector of the economy. That
Why are state approaches occasionally considered as unsuitable for promoting development? Liberal economists’ argument government intervention really thwarts development. G
QUESTION (a) Define a public good and discuss how free riding might be a problem in the provision of a public good. (b) What is the rationale for government intervention in
QUESTION (a) With reference to price elasticity of demand, discuss and illustrate the effects on government revenue of increasing value added tax on goods and services. (b)
Explain the concept of scarcity, and the role it plays in decision making
Define the difference between effort and elapsed time. What is the importance of this difference for project planning purposes? Effort is the whole volume of work included in a
1. A firm has segmented its market into the following demand functions: P1 = 500 – 50Q P2 = 500 – 20Q with a cost function: MC=AC =20 a. Determine the prof
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
QUESTION (a) In several countries recently, many people have become unemployed. Analyse the different types of unemployment in an economy. (b) Define inflation and explain i
The government spending on given goods and several services including public. This is government spending on state-provided goods and services including public and merit goods. Dec
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