QUESTION ONE [30] Discuss the consumer equilibrium condition according to utility theory. (10) Discuss the concept of returns to scale in specific relation to the diagram below: (13) Differentiate between the market supply of labour curve and the individual supply of labour curve. (7) QUESTION TWO [30] Discuss the nature of the goods produced by firms in the following market structures: Perfect competition (4) Monopoly […]
Posted: May 3, 2023
QUESTION ONE [30] Discuss price floors as a form of government intervention in a free market. Use examples to motivate your answer. (8) Question 1.2 is based on the diagram below representing the free market for a good. How does this free market adjust if it is in the shaded green area. (5) Demonstrate that a complete outward shift of the production possibility frontier for […]
Posted: April 11, 2023
Question 1 (30 MARKS) In 2019, we counted 5,287 stores, including the more ‘vague’ tallies such as Chicken Licken’s “over 200 stores” and Roman’s Pizza’s “over 220 stores”. We also included smaller shops like Sausage Saloon and King Pie for the first time. When it comes to fast food, Kentucky Fried Chicken (KFC) is by some margin the most prolific brand in the country, with […]
Posted: March 22, 2023
Question 1 (20 Marks) As a policy analyst employed by the International Monetary Fund (IMF), you are required to prepare a report that is focused on the rapidly rising worldwide public debt levels. The report will cover several countries in both the developing and the developed world (South Africa, Japan, USA, China, Sri Lanka and Greece). Critically evaluate the possible (short and long term) impact […]
Posted: February 23, 2023
QUESTION ONE (30 MARKS) What is the probability that a card drawn at random from a deck of cards will be an ace? (4) What is the probability that the total of two dice will be greater than 9 given that the first die is a 6? (4) Someone draws a card at random out of a deck, replaces it, and then draws another card […]
Posted: October 12, 2022
Question 1 Uber is one of the giant private corporations in the United States, and its mobile app allows consumers to arrange transportation using a smartphone. Uber is currently operating in more than 60 countries thanks to new technology and the fluidity of mobile connectivity.Uber Technologies Inc. collects customer requests and routes them to nearby drivers who can serve them (with location and final destination […]
Posted: October 12, 2022
Argentina Inflation Speeds Up, Prompting Government Crackdown Argentina’s inflation accelerated last month at the fastest pace since President Alberto Fernandez took office in late 2019, prompting the government to tighten its unorthodox controls over companies. Consumer prices rose 4.2% in March from February, according to the median forecast of economists surveyed by Bloomberg ahead of Thursday’s release. Economy Minister Martin Guzman said Wednesday that inflation […]
Posted: October 9, 2022
South Africa is set to emerge from the COVID-19 (coronavirus) crisis weaker than when it entered it despite its solid response to the pandemic, says a World Bank report released today. The report suggests simultaneously implementing policies that preserve macroeconomic stability, revitalize the jobs market, and improve the investment climate to build a more inclusive economy after the pandemic. The World Bank projects the gross […]
Posted: September 21, 2022
