1. (a) Using a well labeled diagram describe the circular flow of income in an open economy. [10 marks]
(b) Explain the features of prosperity phase of business cycle. [10 marks]
2. (a) Distinguish between the demand pull inflation and cost push inflation, explaining clearly the main causes of each. [13 marks]
(b) Explain the cures of unemployment. [7 marks]
3. (a) Distinguish using well labeled diagram between the flexible exchange rate regime and fixed exchange rate regime. [10 marks]
(b) What are the cures of inflation [10 marks]
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