According to a local politician, there is no need for government intervention when positive externalities are present because no one is being harmed. Comment about this opinion from an economic point of perspective. Use appropriate diagram(s) to illustrate and explain your answer. (22.5 Marks)
Why does pay tend to rise with age? Is this fair to younger workers? Use appropriate diagram(s) to illustrate and explain your answer. (22.5 Marks)
For what reasons may one country experiences a persistently faster rate of Economic Growth than another? Use appropriate diagram(s) to illustrate and explain your answer. (22.5 Marks)
What would be the effect of a fall in money supply on aggregate demand, GDP and inflation? Use appropriate diagram(s) to illustrate and explain your answer. (22.5 Marks)
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