Strengths and weaknesses of mixed economy


Question 1:

Illustrate out the concept of opportunity cost, by using the production possibility curve.

Question 2:

What are the elemental problems of economy? Explain and discuss how the command economy distinct from the free market economy in dealing with resource allocation problems.

Question 3:

Write down the strengths and weaknesses of mixed economy.

Question 4:

Make a distinction between short-run and long-run costs.

Question 5:

Compare and contrast the short-run and long-run output decisions of perfectly competitive firm and the monopoly.

Question 6:

Discuss and illustrate long run efficiency under both kinds of market structures?

Question 7:

With the aid of diagrams, illustrate how the price and quantity of potatoes will change under the different circumstances:

(i) A severe drought affecting its production

(ii) Consumers expect a prospect rise in prices of potatoes; and

(iii) A new production method is adopted to raise efficiency.

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Macroeconomics: Strengths and weaknesses of mixed economy
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