Description
1. Explain and diagrammatically illustrate the impact that the Covid-19 -pandemic
induced restrictions on economic activities imposed in many countries across the
world in 2020/21 had on the materials balance principle. [10]
2. Explain with the aid of production possibility curves how your country could limit the
production and consumption of future generations by current irresponsible
consumption and production. [10]
3. Make use of appropriate examples to explain and distinguish between opportunity
costs and external costs. [10]
4. Explain the difference between positive and normative economics and provide two
examples in each case. [10]
5. Draw two graphs to explain how the impact of inelastic and elastic demand curves
will differ if environmental policies are enforced. [10]
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