Description
31) Briefly, explain the difference between market economy and planned economy.
32) Briefly, describe the concept of “invisible hand.”
33) Briefly, describe the difference between structural unemployment and frictional unemployment.
34) Briefly, compare and contrast normative economics and positive economics.
35) Briefly, describe each of the following perspectives in economics: Feminist Economists, Radical Economists, Religious Economists.
36) Briefly, list and describe the phases of business cycle
37) Graphically, illustrate various parts of production possibility model.
38) Describe graphically and conceptually, why production possibility curve is not a straight line.
39) Briefly, distinguish the amount of money a person earns and his/her income
40) Briefly, describe how long period of unemployment can cause economic and social problem