Question1. What are the features of command and market economies?
Question2. In a number of countries in current years, there has been a movement towards a greater reliance on the market system. Assess to what extent this trend is beneficial for economy.
Question3. Using suitable examples differentiate between public and merit goods.
Question4. Describe, with the aid of appropriate examples, the relationship between private, external and social cost.
Question5. Discuss whether international trade between countries is always advantageous.
Question6. What are the economic reasons for the protectionism?
Question7. Does the National Income figure accurately reflect the living standard of population?