Economics 9708/31 Oct Nov 2011

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1. Law of variable proportions and its implications for marginal productivity and costs.
2. Analysis of cost-minimizing output levels and firm efficiency on long-run average cost curves.
3. Equilibrium shifts in labor supply due to changes in wage levels across industries.
4. Monetarist theory on short-run effects of unanticipated money supply increases on wages and employment.
5. Trade policies for developing economies emphasizing "trade not aid" for market access and export-led growth.
6. Effects of cyclical unemployment on government fiscal balances and economic stability.