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Actual income and Full employment income
Full employment income (Also called Potential National) is the national income that could be produced when the country's factors of production are fully employed. This concept is given the symbol YF. Actual national income, symbolized by Y, can be below or equal to YF and, by working resources overtime and otherwise harder than normal, it can occasionally rise above YF.
a) A change in demand means that: b) On the production-possibilities drawing, unemployment is represented by:
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a) The production-possibilities curve is? b) If there is a shortage in the provider of a product, we can conclude that its price: c) An enhance in supply and a
Measurement of Inflation The rate of inflation is measured using the Retail Price Index. A retail Price Index aims to measure the change in the average price of a basket of g
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An Economy consists of two regions, the North & the South. The short-run elasticity of labor demand in every region is -0.5. Labor supply is perfectly inelastic within both regions
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Principles of Managerial Economics points
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