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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 firm can produce steel with or without a filter on its smokestack. If it produces without a filter, the external costs on the community are $500,000 per year. If it produces with
Illustrate the concept of present value. The Concept of Present Value: While someone borrows money for a year, there the interest rate is the price, computed as a percent
Transfer Payments Are any payments made to households by the government that are not made in return for the services of factors of production i.e. there is no Quid pro Quo. S
Using the same simple macro model we developed in Module 2: a. Show what will happen to national income (GDP) if the administration implements another $100 (billion) stimulus s
According to J.B. Clark's profits arises in a dynamic economy, not in a static one. A static economy is one in which there is absolute freedom of competition population and capital
KEYNESIAN VIEW ON UNEMPLOYMENT Keynes in his General Theory presented a view that fluctuations in aggregate demand (AD) influences the equilibrium level of output. Thus
Q. What is the economic role of government? What are the roles? Meaning: economic role is the role played by the government in uplifting the economy. The important roles: 1.
Managerial Economics helps create utility for the Society.
wHAT IS THE SIGNIFICANCE OF EXPECTATION ELASTICITY ?
Search and Matching Model It should be clear to you fiom the earlier section that there are a variety of models under the rubric of search theory. In this sec
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