i) Discuss whether a country should use protectionist measures to favour its domestic firms.
ii) describe the rationale behind free trade among countries and elaborate on its obstacles.
i) Describe the term inflation and elaborate on the dissimilar types and causes of inflation.
ii) How are inflation measured and why a high rate of inflation is considered to be a major problem?
iii) How can fiscal policy be employed to combat high inflation rates?
i) Completely describe the following concepts:
(a) Price elasticity of demand
(b) Cross elasticity of demand
(c) Income elasticity of demand
ii) Of what use would an understanding of these concepts be to manager of supermarket?