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Question

  1. With reference to the concept of economic growth, explain the difference between a movement along an existing production possibility curve (PPC) and an outward shift in a production possibility curve (PPC). (May 2009)

 

  1. Explain how the three basic economic questions would be answered in a free market economy and in a centrally-planned economy.

 

  1. Using a production possibility curve (PPC) diagram, explain the relationship between the economic concepts of economic goods, factors of production and opportunity cost. (May 09)

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