(a) Define the term “price ring”
(b)Outline two factors that would ensure succesful implementation of a rice ring.
(c) Distinquish between a “price ceiling” and a “price floor”
(d) Highlight the effect of instituting the following in an economy
(i) Price floors
(ii) Price ceilings
QUETION TWO
(a) Distinguish between “near money” and “money substitutes”
(b)Eplain four factors that would limit the effectiveness of fiscal policy instruments in developing countries.
(c) Define “inflation”
(d) Explain the effects of inflation on the funtions of money in an economy.
QUETION THREE
(a) Using a well leblled diagram, explain the concept of the regressive demand curve.
(b) Explain how the government could influence the allocation of resources in a country.
(c) Outline four advantages of a controlled market system
QUETION FOUR
Distinguish between the following set of terms.
(a)Depreciation and devaluation of a currency
(b)Expantion parth and price consumption curve.
(c)Transfer payment and transfer earnings.
(d)Balance of trade and terms of trade
(e)Gross national product at market price and net national product at factor cost.
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