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PART A: MULTIPLE CHOICE 1 The words of economic refers to something that A. B. C. D. 2 is scarce is limited command a price all of the above

According to Islamic economic system, the main ob ective of the economic agents is A. B. C. D. to achieve !"hwah to get as m!ch profits as possible. ! ac"ie#e A$% Fa$a" to prod!ce goods that have high demand

$hich of the following represents a point lying o!tside the prod!ction possibility c!rve% A. B. C. D. &nemployment 'igh prices Increasing cost U&a ai&a'$e (r!)*c i!& i& "e c!+'i&a i!& !, -! .!!)s

Choose the incorrect statement regarding the classification of goods from Islamic perspective. Ta" tah! A. B. C. D. Al)tayyibat refers to p!re and clean man)made goods Dhar!riyat goods sho!ld be provided first Tarafiat good is forbidden e*cept for those with e*cess income 'a iyat goods helps man to improve the +!ality of life

If the income of a cons!mer decreases and she increases her demand for the prod!ct, then the prod!ct is A. B. C. D. a normal prod!ct a& i&,eri!r (r!)*c a s!bstit!te prod!ct a complementary prod!ct

A .change in demand/ means A. B. C. D. "e /*a& i 0 )e+a&) ,!r "e (r!)*c c"a&.es as "e (rice c"a&.es a movement along a given demand c!rve or sched!le a shift in the position of the demand c!rve a change in the shape of the demand c!rve

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If the government places a ceiling price of 121.(, for one "g of s!gar, with an e+!ilibri!m price of 122.23, then A. B. C. D. there will be a s!rpl!s of s!gar "ere -i$$ 'e a s"!r a.e !, s*.ar either a s!rpl!s or a shortage will occ!r d!ring 'ari 1aya, the government will not allow the price of s!gar to fall below 121.23

4.

$hen s!pply c!rve is perfectly elastic, it is A. B. C. D. an !pward sloping c!rve a "!ri4!& a$ $i&e a vertical line a downward sloping line

5.

.Blac" mar"ets/ are associated with A. B. C. D. floor prices and the res!lting prod!ct s!rpl!ses floor prices and the res!lting prod!ct shortages cei$i&. (rices a&) "e res*$ i&. (r!)*c s"!r a.es ceiling prices and the res!lting prod!ct s!rpl!ses

13.

If the s!pply and demand c!rves for a prod!ct both decrease, we can say that e+!ilibri!m A. B. C. D. +!antity m!st fall and e+!ilibri!m price m!st rise price m!st fall b!t e+!ilibri!m +!antity may either rise, fall or remain !nchanged /*a& i 0 +*s )ec$i&e5 '* e/*i$i'ri*+ (rice +a0 ei "er rise5 ,a$$ !r re+ai& *&c"a&.e) +!antity and e+!ilibri!m price m!st both decline

AN67ER FOR PART A:

16 26 #6 (6 ,6

-6 06 46 56 136

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PART B: 6TRUCTURE 8UE6TION6 20(c +!re c!!2i&. !i$ "is +!& " 8&T1A9A:A: The government will raise the s!pply of coo"ing oil in the mar"et by 23 per cent or abo!t 1(,333 tonnes this month, d!e to the anticipated higher demand for the commodity in the r!n)!p to the Chinese ;ew :ear on <eb # and (. Dep!ty Domestic Trade, Cooperative and Cons!merism 2inister Dat!" Tan =ian 'oe said yesterday the additional s!pply wo!ld be available thro!gho!t the co!ntry ne*t wee" and ta"e the total 9an!ary s!pply of coo"ing oil to abo!t 4(,333 tonnes. The commodity was being sent to the mar"et by the 2alaysian 8alm >il Board 728>B6, bringing forward some of the s!pply meant for <ebr!ary, she told reporters after a dialog!e with retailers, here. In view of the additional s!pply of coo"ing oil, Tan advised the people not to resort to panic b!ying as s!pply was li"ely to e*ceed demand. ?he also said that the ministry was investigating fo!r re)pac"ers s!spected of attempting to sell the oil abroad as the world price of coo"ing oil was rising, and cited the e*ample of China where the price was 12#( per five "g, more than do!ble that in 2alaysia. @The government has provided a h!ge s!bsidy of 121.0 billion for coo"ing oil alone. @Any irreg!larity in the b!siness can be constr!ed as treason.@ ?he said the ministry wo!ld deploy its 1,533 enforcement personnel to monitor re)pac"ers and there wo!ld be no compromise sho!ld any irreg!larity be detected. @Their licences will be revo"ed and their +!ota of coo"ing oil will be terminated,@ she said. Tan also so!ght the cooperation of the people in providing information to the enforcement !nit on any irreg!larity among the 221 re)pac"ers. )) Bernama

8UE6TION 1 a6 Based on the article above, why the government will increase s!pply of coo"ing oil in the mar"et% 71 mar"6 'eca*se !cc*r "e *&$i+i e) )e+a&) !r "i." )e+a&) ,r!+ c*s !+ers

b6

Ill!strate the s!itable diagram to show the effects in 1 7a6.

72 mar"s6

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label sendiriA D increase

c6

?tate the appropriate pricing policy the government will implement on controlled items especially d!ring festive season. 71 mar"6

.!#er&+e& s"!*$) a(($0 "e ,$!!r (rice (!$ic0 'eca*se ! )ecrease "e )e+a&) ,r!+ C!+(* ers c!&s*+er 2! e:($ai& se&)iri; 2a$a* '*a ,$!!r (rice (!$ic05 && "ar.a i&..i..s! (e&..*&a 0. '02 )*i <e a2a& 'e$i;s! +asa$a" $e'i"a& (er+i& aa& a2a& )i a asi
A

8UE6TION 2

53

F B The diagram below shows the 8rod!ction 8ossibilities C!rve for a nation prod!cing 03 comp!ters and piBBas. C E

(3

D 2,3 (33 ,33 Pi44as

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a6

1eferring to the above diagram, which combination representsC i6 Inefficient point. 9!stify yo!r answer. (!i& E 'eca*se &! *se a$$ "e res!*rces 71 mar"6

&nattainable point. 9!stify yo!r answer. 71 mar"6 (!i& F5 'eca*se &! e&!*." res!*rces ! (r!)*ce a&) "e ec"&!$!.0 -as &! i&crease/ ,i:e).

ii6

b6

Calc!lateC i6 The opport!nity cost of prod!cing 53 !nits of comp!ters. =0 C!+(* ers 0 (i44a 0 C!+(* er 900 (i44a 6!5 !((!r *&i 0 c!s is 900 *&i s (i44a. 71 mar"6

Fir+ se(a * &0a '!$e" (r!)*ce 900 (i44a.. ( a2i'a )ie &a2 (r!)*ce se+*a *&i c!+(* er5 )ie 2 $e" &a2 (r!)*ce (i44a )a"..se+*a s*+'er )i.*&a2a& *& *2 (r!)*ce c!+(* er.

ii6

The opport!nity cost of increasing the prod!ction of piBBas from 2,3 !nits to (33 !nits. 71 mar"6 290 (i44a >0 C!+(* er 400 (i44a 40 C!+(* er 6!5 !((!r *&i 0 c!s is 30 *&i s !, c!+(* ers ?>0 %40@

iii6

The opport!nity cost per !nit of piBBa between point A and B. (!i& A5 ,ir+ (r!)*ce =0 *&i s !, c!+(* er a&) 0 (i44a

71 mar"6

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BM/FEB 2011 /ECO162/104

P!i& B5 ,ir+ (r!)*ce >0 *&i !, c!+(* er a&) 290 (i44a. 6!5 !((!r *&i 0 c!s is )i,,ere& ia e "e (!i& A a&) B. "e !((!r *&i 0 c!s is 20 *&i s !, c!+(* er ?=0 A >0@ -i " "e ass*+( i!& ,ir+ (r!)*ce ,r!+ (!i& A ! (i& B.

c6

$hat type of opport!nity cost does the above nation has% 9!stify yo!r answer. 72 mar"s6 C!&s a& !((!r *&i 0 c!s 'eca*se "0(er 'a$$ s$!(e !, "e c*r#e A2* 2 a"* <a-a(a& )ie

d6

Ill!strate in separate diagrams the effect of the following sit!ations on the above 88C. i6 Technical innovation in the prod!ction of comp!ters. 71., mar"s6

comp!ters

piBBa

ii6 A prolong war hits the nations.

71., mar"s6

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comp!ters

piBBa

8UE6TION 3 The following are hypothetical demand and s!pply sched!les for compact disc in Alor Da ah. Based on the table given, answer the following +!estions. Price ?RM/*&i @ #3 (3 ,3 -3 03 a6 8*a& i 0 )e+a&)e) ?*&i @ (33 #,3 #33 2,3 233 8*a& i 0 s*(($ie) ?*&i @ 133 233 #33 (33 ,33

8lot the demand and s!pply c!rves for compact disc in Alor Da ah on graph paper. 7# mar"s6 C*&a 2er as .ra,,5 se&a&. <er; (a2si D ia$a" 2*a& i i5 (a2si E ia$a" "ar.a

b6

Determine the e+!ilibri!m price and +!antity for compact disc. E/*i$i'ri*+ -"e& 8D F 86 P F RM90 8 F 300 *&i s

71 mar"6

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c6

If the government imposed a sales ta* of 12 5, what wo!ld be the new compact disc/s e+!ilibri!m price and +!antity% ?how the effect of the sales ta*es on the same graph paper as in part 7a6 above. 72 mar"s6

86 a2a& +e&i&.2a ;s!5 P a2a& &ai2..8 a2a& <a *" L*2is .ra, 0. 'ar*

d6

Calc!late the total ta* that has to be paid by theC i6 Cons!mers 71 mar"6

A2* $*(a ,!r+*$a..r*<*2 '*2*

ii6

8rod!cers

71 mar"6

L*(a ,!r+*$a5 r*<*2 '*2*

e6

'ow wo!ld the elasticity of demand affect the b!rden of ta* paid by cons!mer% 72 mar"s6

f6

Calc!late the income elasticity of demand for compact disc when income increases from 121333 to 121,33 and the +!antity increases from #33 !nits to #,3 !nits. 72., mar"s6 C*&a <e ,!r+*$a..se&a&. <e 2a&

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g6

Calc!late the price elasticity of s!pply when the price decreases from 12-3 to 12,3. Identify the coefficient of price elasticity of s!pply. 72., mar"s6

PART C: E66AE 8UE6TION6 8UE6TION 1 E*plain how capitalist and Islamic economy solves the fo!r basic economy problems. 713 mar"s6 8UE6TION 2
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$ith the aid of diagram, differentiate between change in s!pply and change in +!antity s!pply. 713 mar"s6

AN67ER FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF
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FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF

END OF 8UE6TION PAPER

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