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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 are the predictions of Lewis? For Lewis, Harrod Domar is right to emphasise the task of savings and investment although structural change and a new industrial sector are
Define the process of setting objectives. What might be objectives for a newly appointed junior programmer? A hierarchy of objectives cascades down through the overall intend o
How can trade Liberalisation mean eliminating barriers? Trade liberalisation is the removal of trade restrictions for example tariffs, quotas and non-trade barriers is unsynch
What are Rostowís policy implications? • LDCs (Less Developed Countries) require aid. The development procedure can stall at the Take Off stage for be short of savings. 15
QUESTION (a) Explain clearly what inflation is and elaborate on its main causes. (b) "There is a trade-off between inflation and unemployment" Do you agree with this stateme
what are the economic problems facing any individual in the economy
How static multiplier can be shown diagramatcally
(a) Assume that Purchase Price is equal to initial Market Value (b) Your Market Rent starts at the indicated level and increases by this factor for all of Year 2 and for each y
You can buy as many drinks as you want at $1 each. You can also buy as many chocolate bars as you want at $2 each. You have $5 to spend. You must buy whole bars and drinks, that is
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