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When is the economic theory useless? One misunderstanding is to under-estimate the role of an economic theory. Several people thought an economic theory useless since they thin
Balance of payment: It is an account that summarizes a country’s total payments and total receipts from international economic transactions within a specific period usually on
Draw an indifference curve for consumption and hours of work. (Hint: in class we discussed indifference curves for consumption and hours of leisure, this is different.)
Explain the difference between a change in quantity demanded and a change in demand. Change in quantity demanded" refers to movement with the demand curve. For instance, if th
The demand for one of Parsons products has increased over the last few years and, despite the extensive use of overtime and weekend working, the company has been forced to sub-cont
what are jobs of the department of justice and the federal trade commission in business pratices.
Challenges and discussions
how to calculate growth rate in closed economy
Current Account Deficit (CAD): Boon or Bane The general belief is that high CADs are dangerous. In general, this is correct. But the converse that low CADs are good is not. A
It is important to understand the important characteristics of monopolistic competition. The knowledge of these features will enable the students to know how this form of market st
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