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Question 1:
(a) What are the characteristics of market and command economies?
(b) In a number of countries in recent years, there has been a movement towards a greater reliance on the market system. Assess to what extent this trend is beneficial for an economy.
(c) Using suitable examples, differentiate between public and merit goods.
(d) Describe, with the help of relevant examples, the relationship between private, external and social cost.
Question 2:
(a) Discuss whether international trade between countries is always beneficial.
(b) What are the economic reasons for protectionism?
(c) Does the National Income figure accurately reflect the living standard of a population?
Application of Revealed Preference Approach It has been strongly argued, especially by Sir John Hicks, that one major advantage of revealed preference theory is that it is expl
Evaluate the mercantilist economists. Determine which economist you feel made the most significant contribution to economic theory. Provide at least two (2) reasons to support your
discuss.
real gdp measures?
Automobiles arrive at the Elkhart exit of the Indiana Toll Road at the rate of two per minute. The distribution of arrivals approximates a Poisson distribution. A) What is the prob
A mechanical engineer who is anticipating paying for his daughter's college education plans to start depositing money now (year 0) and continue through year 17. If he deposits $ 50
To the extent that statutory compliance mandates conditions that formerly were only available to workers who had union negotiating power to win such conditions at the bargaining ta
We have been looking at just the Additional Marginal Opportunity Costs of our choices. What about the total cost? For example, we see and hear ads all the time about different cell
Use the model in the tax incidence application to determine the effect of a given change in the tax on widget, change in T, on the equilibrium quantity of widgets. How does your an
7 people have jobs, 3 want to work but are not, and there are 20 adults. What is the participation rate?
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