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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 a bowed out shape? Why does a production possibilities frontier with increasing opportunity costa have a bowed-out shape?
Consider a Bertrand duopoly. The market demand is q=190-p. Consumers only buy from the firm whose price is lower. If two firms charge the similar price, they share the market equal
Explain the state intervention approaches for promoting development. State intervention can result within: • Large bureaucracies staffed through friends and relatives of the
What are the restrictions of unbalanced growth? The restrictions of unbalanced growth: • Frequently governments go for high status, capital-intensive and high tech projects
What is the failure effectiveness of multi-national companies (transnationals) in the promotion of development? TNC FDI failure into hindering development: • TNCs are accus
about replacement and historical costs
How static multiplier can be shown diagramatcally
Comparing Production Possibilities Curves
What is exceptional supply curves
International oil has been described as the lifeblood of industrial society. A National Security Council paper in 1953 noted that American Based multinational oil companies were in
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