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(a) Demand for goods
(b) Supply of goods
(c) Planning authority
(d) Market mechanism
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- (e) expalin normative economic analysis (f) explain market economy in your own words. (g) what do you mean by centrally planned economy? (h) sugar industry is a subject matter of micro economics. Give reason?Which one of the following is a microeconomic issue? (a) The rate of economic growth in South Africa. (b) The price of maize in South Africa. (c) The unemployment rate in Zimbabwe. (d) The South African inflation rate.When conducting research, which of the following steps would conduct first? a. Developing the sample b. Reviewing literature c. Identify the broad problem area d. Developing hypothesis
- (h) sugar industry is a subject matter of micro economics. Give reason. (i) what do you mean by alternative uses of resources? (k) unemployment in India is a subject matter of microeconomics or macroeconomics, give reason.Market failure, Public Goods, Role of Government (a) What is market failure? List and discuss two causes of market failure. Then describe briefly how a government could address these market failures. (b) Discuss this normative statement: “Governments should use targeted industry policy to assist specific firms, and industries achieve sustainable competitive advantage”. Use real-world examples to either agree or disagree with the statement.Economics: a. involves preparing financial reports for external audiences. b. is a discipline focused on a narrow aspect of business operations related to production. c. can provide information to both improve business operations and law creation. d. does not have much to offer a profit seeking business.
- Classify the following as microeconomics or macroeconomics and provide a justification for your choice.(a) Research into why the growth rate of total production increased.(b) A theory of how consumers decide what to buy.(c) An analysis of IBM's share of the personal computer market.(d) Research on why interest rates in a country were unusually high.Which of the following is a microeconomic problem? (A) the reasons why average prices are falling (B) the reasons Kathy is buying less orange juice (C) the reason why overall employment may fall (D) the impact of the government budget deficit on inflationThe main criticism of a market economy is a. Concentration of wealth in a small percentage of the population b. Prone to boom and bust cycles c. Profit motives ignore social and environmental concerns d. All of the answers above
- Jim is at an all-you-can-eat buffet and is considering whether or not to get another plateful of food. What type of analysis should he be doing if he is thinking rationally? (A) Marginal analysis (B) Positive analysis (C) Normative analysis (D) Free-market analysis (E) Collective analysisRaad wants to sell his workout DVDS in the Middle East, Asian, and Latin African countries. will help him reach vendors abroad, without the expense of traveling to meet them face-to-face. A website and other technological advances B. Partnering with a large U.S recording studio C. The SBA (Small Business Administration) D. An incubator facilityA merit good is a good or service that Select one: a. the political process has deemed socially desirable. b. should be taxed to correct the market failure and allocative inefficiency. c. cannot be individually consumed. d. would be overproduced by the private market.