ANSWERS FOR MICROECONOMICS REVISION
PART 1: MULTIPLE CHOICE QUESTIONS
27. Please change Answer (C) to: ext
Instructions to candidates:
Time allowed: Three hours (plus an extra ten minutes reading time at the start do not write anything during this time)
Answer any FIVE questions
All questions carry equal mar
What is a 'Subsidy'
A subsidy is a benefit given by the government to groups or individuals, usually in the form of a cash payment or a
tax reduction. The subsidy is typically given to remove some type of burden, and it is often consi
When a GOVERNMENT takes ownership of a private-sector business. Nationalisation was a fashionable part of the
mix in countries with a MIXED ECONOMY between 1945 and 1980, after which the PRIVATISATION of state-owned
Selling state-owned businesses to private investors. This policy was associated initially with Margaret Thatcher's
government in the 1980s, which privatised numerous companies, including PUBLIC UTILITY businesses such as
What is 'Protectionism'
Protectionism refers to government actions and policies that restrict or restrain international trade, often done with
the intent of protecting local businesses and jobs from foreign competition. Typical
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers
A key ingredient of the marketing management process is insightful, _ marketing strategies and
plans that can guide marketing activities.