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Which one of the following statements is correct? A. Most production possibilities curves illustrate decreasing marginal opportunity costs. B. Relative scarcity is no longer
Gross Domestic Capital Formation Production requires services of fixed assets such as machinery, equipment and structures as well as working capital i.e. stocks of raw materia
DETERMINATION OF FACTOR PRICES BY SUPPLY AND DEMAND Let us suppose that perfect competition prevails in the goods and the factor markets. In such a situation let us see how th
using a classical labour market , illustrate the effects of a real wage existing in the market that is lower than the equilibrium real wage. what will eventually happen in this lab
What are the two main costs of economic growth The two main costs of economic growth are resource depletion and environmental damage. Economic activity needs factor inp
National Product and Domestic Product A modern economy produces literally thousands of different goods and services. Some of these goods and services such as rice, wheat, shir
ORDINAL THEORY: INDIFFERENCE CURVE APPROACH In indifference curve approach consumer is assumed to be rational, so that consumer's objective is to maximise her utility by choos
Q. Explain the problem with IS-LM model? The starting point of AS-AD model is an assumption in IS-LM model (and in the cross model) that limits its usefulness. This is an assum
conditions for steady state in solow model.in what respects is golden rule different from steady state?
Q. What do you mean by Patulin? It is a toxic and antibiotic metabolite produced by several species of Penicillin, Aspergillus and Paeciliomyces but the most important in the c
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