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How did Keynesians attempt to reduce unemployment? In ‘new' macroeconomic models, what effect will increase in aggregate supply have on prices and unemployment?
Suggest four effects of inflation. List three important types of unemployment. Specify three costs of unemployment.
What could be the underlying causes of demand-pull inflation? In cost-push inflation, cost rises are ‘exogenous'. What does that mean?
What does the accelerator theory show? What does the multiplier show? What is the formula for calculating the multiplier, K?
Name two withdrawals from the circular flow. What is an injection into the circular flow? When, in theory, is an economy in equilibrium?
What is the main weakness of the Monopolies and Mergers Commission/Competition Commission? What do the regulatory watchdogs supervise?
What is marginal cost pricing? What were three reasons for privatization? How do merit goods differ from public goods?
What is the main type of competition in an oligopoly? What does ‘price discrimination' mean? What is the aim of price discrimination?
Suggest three entry barriers in a monopoly. Can a firm in monopolistic competition make abnormal profits? Describe the demand curve in a competitive oligopoly.
In the short run, why might a firm in perfect competition continue production even though it is making a loss? In which market is the firm a price maker?
Why does an individual firm face a totally elastic demand at price in perfect competition? What happens to abnormal profits in long run in perfect competition?
1. What are the main assumptions of perfect competition? In a monopoly, if a firm fixes the price, what determines the amount supplied?
How has the government helped small firms? How do small firms benefit an economy? What is a market?
1. Give an example of a trading economy of scale. Give two examples of diseconomies of scale. Why has the small-firm sector of the economy grown?
1. Who investigates mergers and takeovers? Suggest three reasons for vertical integration. Distinguish between internal and external economies of scale.
1. In what time period are all factors of production variable? What is technical efficiency? Why do diminishing returns occur in the short run?
What is the term for pricing where a mark-up is added to the costs of production? What are the main characteristics of a not-for-profit organization?
1. What is abnormal profit? Where is profit maximized? What profit is made when average cost equals average revenue?
What mainly causes the price instability of agricultural goods? How can producers attempt to overcome the problems that the cobweb theory illustrates?
What effect will higher wages have on the supply curve? What is the difference between a ‘real' price and a ‘normal' price? When does excess supply occur?
1. Describe the shape of the short-run supply curve. What is the shape of the supply curve called? Which factors affect the elasticity of supply?
How would you classify a good with high positive income elasticity? What is the difference between a shift in demand and an expansion of demand?
The price of a good falls by 10 per cent but the quantity demanded increases from 100 to 120 units. Calculate the price elasticity of demand.
Describe the shape of a typical demand curve. What are ‘inferior' goods? How does a ‘consumer surplus' arise?
What are the main factors causing economic growth? What types of policy can be used to promote economic growth?