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A Level Economics:

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Hey, I have an economics doubt can anyone explain :

eco-png.38521


eco_1-png.38582

I thought the answer should be A but is B?
Thanks!
 
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Hey, I have an economics doubt can anyone explain :

eco-png.38521


eco_1-png.38582

I thought the answer should be A but is B?
Thanks!
3) It's B because in small market, small no. of labour would be higher and thus division of labour would not be possible.
4) Answer is C because A and B can never be possible in market mechanism to determine the price, where as in D, it also contradicts the concept of free market price determination because only those who have the money are able to attain the necessary goods at a particular price level determined by the forces of demand and supply; Neither consumer, nor producer can determine the price in free market economy, Adam smith said that.
 
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3) It's B because in small market, small no. of labour would be higher and thus division of labour would not be possible.
4) Answer is C because A and B can never be possible in market mechanism to determine the price, where as in D, it also contradicts the concept of free market price determination because only those who have the money are able to attain the necessary goods at a particular price level determined by the forces of demand and supply; Neither consumer, nor producer can determine the price in free market economy, Adam smith said that.
Thanks!
 
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Messages
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Can someone please help me out how briefly to go about the following questions-
(a) Explain why all types of economic system benefit from the existence and use of money. [8]
(b) Discuss whether an economy’s production possibility curve is more likely to move inward or outward over time. [12]
(c)Explain the characteristics required by money if it is to carry out its functions effectively. [8]
 
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(b) Discuss, using examples, whether cost-benefit analysis is an effective way of decision making when allocating an economy’s resources.
Please help me with this question.
Thanks in advamce
 
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(b) Discuss, using examples, whether cost-benefit analysis is an effective way of decision making when allocating an economy’s resources.
Please help me with this question.
Thanks in advamce
people would be willing to help if its an mcq not essay question :p
 
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ok I'm confused about how rational consumer is expected to behave cuz there's a data response question about bottled water and the mark scheme says that a consumer will behave rationally if he believes that he is maximizing his current wants regardless of whether this choice is thought of as unwise. so a consumer will be rational if he uses bottled water because it's fashionable and he thinks that he is fulfilling his current want even if there's cheap tap water available as a substitute.

And what are direct intervention policies!!!! they're being used in a number of mark schemes as policies to foster growth but no mention of them anywhere else.

And how would an increase in demand for our currency affect the speculative demand for money??
 
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