Highlight five functions of trade unions.
With the aid of a diagram, explain the three stages of production according to this law.
State the law of diminishing marginal returns.
Briefly explain five factors that could affect the price elasticity of supply.
Using the Phillips curve, explain the relationship between unemployment and inflation.
Explain three types of unemployment.
Most developing countries experience deficits in their balance of payments. Explain the various methods that could be used these countries to correct deficits in their balance of payments.
Briefly explain the concept of elasticity of demand in the economic management policy decision making.
With the help of well illustrated diagrams, draw the substitution effect and income effect of: (i) A normal good. (ii) An inferior good.
Using the indifference curve margins, discuss how the consumers equilibrium is obtained. Use an appropriate diagram to illustrate your answer.