Question: Question Five (25 marks) Write short notes on the following: a) Methods of measuring of National Income. (5 marks} b) Eiciency versus Equity, and the

Question Five (25 marks) Write short notes on the following: a) Methods of measuring of National Income. (5 marks} b) Eiciency versus Equity, and the Pareto Criterion. (5 marks} c) The voting paradox of Condorcet. (5 marks} d) Development challenges of the 21'\" Century. (5 marks} e) Factors contributing to slow growth in A'ica (5 marks} Question Six (25 marks) \"Ination is always and everywhere a monetary phenomenon\". Milton Friedman's famous quote has an important implication in Monetary Economics. With regards to this quote: a) Discuss the relationship between money and ination. (5 marks} b) What is the effect of money supply on interest rates? Explain. (4 marks} c) Discuss the role of the foreign exchange market in an economy. (10 marks) d) Distinguish between demand-pull and cost-push ination. (6 marks}

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