Question 1

7 Strategies to Pass Your Exams

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As students, facing exams can often feel like navigating a maze of stress and pressure. However, with the right study techniques, you can transform this daunting task into a manageable and even rewarding experience. Drawing from over 15 years of ...

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4 months 0 Answers 11 views Enlightened

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Question 2

a) Describe two advantages and two disadvantages of both fixed and flexible exchange rate regimes.

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b) Explain how it is possible for two countries to mutually benefit from trade based on the law of comparative advantage. c) Discuss three possible causes of a currency depreciation and evaluate the likely impact on the Maltese balance of trade ...

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Economics 3 3 months 0 Answers 3 views Enlightened

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Question 3

a) What do you understand by the term government budget deficit? In what way does this differ from government debt?

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b) Discuss, with examples, two types of fiscal policy measures that can be implemented by the Maltese government in order to reduce its budget deficit. c) Explain the purpose of automatic fiscal stabilizers and discuss one factor which could limit their ...

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Economics 3 3 months 0 Answers 3 views Enlightened

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Question 4

a) Distinguish between demand pull and cost push inflation.

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b) Explain, with examples, the differences between frictional unemployment and structural unemployment. c) Does the negative relationship between unemployment and inflation always hold? Discuss.

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Economics 3 3 months 0 Answers 3 views Enlightened

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Question 5

a) Describe the three main motives for holding money.

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b) Which tools can the Central Bank use in order to control the supply of money? c) Explain what impact an increase in the money supply would have on the equilibrium interest rate in the economy.

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Economics 3 3 months 0 Answers 2 views Enlightened

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Question 6

a) What does the slope of the consumption function represent?

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b) What are the main determinants of investment? c) By making use of the appropriate diagram, explain the impact of an increase in investment on the equilibrium level of national income.

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Economics 3 3 months 0 Answers 1 views Enlightened

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Question 7

a) Define GDP and explain the different methods by which it can be measured.

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b) Explain the difference between nominal and real GDP. What would have to occur for real GDP to be higher than nominal GDP in any given year? c) Is the measure of real GDP a good indicator of the actual level ...

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Economics 3 3 months 0 Answers 2 views Enlightened

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Question 8

a) Explain the factors affecting the supply of labour and how these affect the shape of the supply curve for labour hours.

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b) Explain the main factor affecting the demand for labour by a profit-maximising firm. c) Explain how the wage rate is determined in a perfectly competitive labour market.

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Economics 3 3 months 0 Answers 1 views Enlightened

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Question 9

a) Describe the characteristics of a perfectly competitive market. Which of these features are also present in monopolistic competition?

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In which situation, however, does monopolistic competition differ from perfect competition? b) Discuss whether price, output and profit levels are likely to be the same in perfectly competitive firms as in monopolies given that they all aim to maximize profits. c) Explain ...

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Economics 3 3 months 0 Answers 1 views Enlightened

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Question 10

a) With the aid of the appropriate diagram, explain the meaning of the Law of Diminishing Marginal Returns and illustrate how this affects total output.

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b) Explain why a firm's short-run average cost curve is usually drawn as a U shape. c) Explain the link between the short-run average cost curve and the long-run average cost curve of a firm.

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Economics 3 3 months 0 Answers 3 views Enlightened

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Question 11

a) Distinguish between price elasticity of demand and income elasticity of demand.

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With the aid of diagrams, discuss whether a firm's revenue would increase, in response to price changes, if the price elasticity of demand for its product became highly elastic. b) Explain, with examples, the significance of the value of a good's ...

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Economics 3 3 months 0 Answers 2 views Enlightened

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Question 12

a) Illustrate and compare the way in which the demand schedule and budget line diagrams represent the effect of

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(i) an increase in the price of a good and (ii) an increase in a consumer's income. b) Explain how the marginal utility theory may be used to construct a consumer's demand curve for a product. c) Explain the meaning of the 'equi-marginal ...

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Economics 3 3 months 0 Answers 1 views Enlightened

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Question 13

a) Explain the link between the basic economic problem of scarcity, opportunity cost and prices faced by consumers, workers or firms.

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Explain how an equilibrium price for a product is established in a free market and how it may change. b) Using demand and supply analysis, explain the possible causes of the increase in the sales of electronic goods such as tablets, ...

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Economics 3 3 months 0 Answers 5 views Enlightened

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