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What are economic systems?
An economic system is the system of organisations utilized by a society to solve the economic difficulty of what how and for whom to make. There are four types of economic system.
a. Traditional economy
b. Free market economy
c. Planned or command economy and
d. Mixed economy
What is Monopoly and how does it affect the economic postively and negatively?
An agent has a utility function over goods 1 and 2 of the form U = x c 1 x d 2 where c is your 1- digit number and d is your minimum number. The agent's income is equal to you
QUESTION 1 (a) In what specific ways does Becker's model of the allocation of time differ from the simple work-leisure choice model? (b) Compare and contrast the functioning
critically evaluate the two main utility theories
Question 1: (a) "Money demand is inversely related to interest rates and is stable over time." Discuss the theoretical and empirical validity of this statement. (i) Analyse
A manufacturing company has determined from an analysis of its accounting and production data for a certain part that : a. Its demand is 9000 units per annum and is uniform
QUESTION (a) Analyse the activist and non-activist policy makers' choice between implementing a policy rule or a discretionary monetary policy. (b) Explain why the policy ru
QUESTION (a) Explain what factors might determine the level of investment in an economy. (b) ‘If investment increases it will cause an increase in income. If income increase
1. How would you describe a market economy? 2. What distinguishes a market economy from a command economy? 3. Is there a role for government intervention in the Australian econ
What are factor endowment implications? Implications of factor endowment: • Less Developed Countries to specialise and export labour intensive goods, agriculture or commodit
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