MACROECNOMICS

SECTION A Briefly explain the following concepts or ideas. Each concept or idea carries an eguat 5 marks. 1. \"To become wealthy, a nation must sell more goods than it purchases from abroad" (mercantitism and its View of wealth creation)- (5} 2. \"Economic participants use past and present ination to determine future ination\" {Luus's views on rational expectations). (5) 3. \"Trade is not a zerosum game'r {Adam Smith }. (5) 4. \"All citizens must have an eguai share of economic resources as allocated by the government elected\" {socialism}. (5) 5. Endogenous money as viewed by the PostKeynesians