What is opportunity cost? Describe some of the opportunity costs when you decide to do the following? a. Attend college instead of taking a job. b. Ride a bus instead of driving your car. 2. Define price elasticity of demand. How you will use it to define an inferior good? Give two examples of an inferior good? 3. In which market structure would you place each of the following products: monopoly oligopoly, monopolistic competition, or perfect competition? Why? a. Water and sewerage services. b. Breakfast cereal 4. Define discretionary fiscal policy? What is the relationship with automatic stabilisers? 5. Explain the differences between demand pull and cost push inflation? 6. Identify the key factors affecting the demand for currency? 7. What policies would be effective to reduce the structural rate of unemployment? Define at least one?
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