2. What is meant by productive efficiency? How does a perfectly competitive firm achieve productive efficiency? What is meant by allocative efficiency? How does a perfectly competitive firm achieve allocative efficiency? Use a graph to support your answer. 3. Compare and contract do the price and quantity decision between monopoly market and perfectly competitive industry? In Pakistan, with CPI already spiking 11.8 per cent for the first ten months of the fiscal year, the average CPI inflation for the same period last year stood at 22.35 per cent. Some economists insist the current inflationary pressures is spawned by increasing prices of fuel, food, raw materials, transportation, construction materials, elimination of energy subsidies, etc. as indicated by the spike in the wholesale price index (WPI), which rose 21.99 per cent in April from a year earlier. Source: Daily the Pak Banker, 22 May 2010 ​Explain what type of inflation Pakistan is experiencing. Use a graph to support your arguments. Germany Leads Slowdown in Eurozone 4. The pace of German economic growth has weakened “markedly”, but the reason is the weaker global prospects. Although Germany policymakers worry about the country’s exposure to a fall in demand for its export goods, evidence is growing that the recovery is broadening with real wage rates rising and unemployment falling, which will lead into stronger consumer spending. Source: The Financial Times, 23 September 2010 How does “exposure to a fall in demand for its export goods” influence Germany’s aggregate demand, aggregate supply, unemployment and inflation? Use this information to make a graph with shift in Aggregate demand and explain how the Real output and price changes in German?
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