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Question 1:
i) Describe the concept of circular flow of income.ii) Comment on the view that ‘GDP is the best measure to evaluate economic growth and standard of living'.iii) What is economic growth? Identify and comment briefly on the possible contributors to economic growth.
Question 2:
i) Why do people earn different amounts of wages? ii) Define productivity and illustrate carefully how firms can raise the productivity of labour.
Question 3:
Write briefly on any three of the following.
i) Human capital. ii) Wage price spiral. iii) Collective bargaining. iv) Monetary Policy. v) The backward bending supply curve.
Write a short note on product mix efficiency?
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(b) Assess the application of Kaldor’s compensation principle in resolving Pareto non-comparability and explain how the principle differs from the Hick''s compensation principle
various credit arrangements
types of welfare economics
The ABC corporation is contemplating purchasing a new computer system that would yield a before-tax return of 30 percent. The system depreciates at 10 percent a year. The after-tax
QUESTION: a) How do returns to scale and returns to factor affect the shapes of the AC in the Long-run and short-run respectively? b) "Standard of living has to be measure
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