Q1. It may be argued that Japan's explicit promotion of its microchip industry was an excellent example of successful industrial strategy. Illustrate what criteria would you apply to conclude whether such a strategy is or is not successful? Judging from your own stated criteria, was Japan's exercise successful? Why or why not?

Q2. Give an example to illustrate Elucidate how raising children can represent every of the following: (a) constant opportunity cost also (b) increasing opportunity costs.

Q3. Given the same price elasticity of supply, sellers would be able to pass along the largest portion of a 10% tax on which item?