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Question 1: Write short notes on any FOUR of the following: (equal marks each) (a) Law of diminishing returns (b) Barriers to entry (c) Consumption Function (d) Devaluati
What is culture and human capital? Human capital is the knowledge, experience and skills of employees and can be raised by investing into education, job training and health
using 8 units of production resource to produce 10,000 c0ws by a farmer how many sheep could he have produced
What does Rostow predict? For Rostow: • Savings and capital accumulation (formation) are central to the procedure of growth therefore development • The solution to de
define scarcity and opportunity cost? what role these two concepts play in the making of decision making?
#question.During the 1990s, technological advance reduced the cost of computer chips. Explain, with the use supply and demand diagrams, how the following markets are affected in t
How does resource enhancement improve development? Enhancements in the quantity and quality of resources increases productivity hence incomes. Enhanced management raises outpu
What is absolute poverty and relative poverty? Absolute poverty: It is an income level below that essential to meet fundamental requirements. The UN measure of absolute
How is supply related to opportunity cost?
Demonstrate graphically the cost of income taxation of 30% to consumers and producers for an income of $27,908. How does the taxation change if the income was $220,874? How does
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