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Define the term- inflation Inflation between two points in time is defined as the percentage increase of price index between these two points in time.
(a) Explain the meaning of efficiency in economics and use a sketch diagram to illustrate its attainment by reference to the Production Possibility Curve. (b) Refer to the
Question 1: Consider a closed economy with no government sector in which consumption (C) is related to income (Y) by the equation: C = A + bY (a) What is the marginal pr
Axiom of completeness: Consumer's choice is complete. Implication: Since consumer is rational, she must have a unique preference relation. That means the consumer choice is ei
MEC vs MEI in detail
7 people have jobs, 3 want to work but are not, and there are 20 adults. What is the participation rate?
#question.WHAT IS GDP AND DIFFERENT PRICE LEVEL IN SHORT RUN?.
Q. Overnight rates and interest rates with longer maturity? By controlling overnight interest rates, central bank will affect interest rates with longer maturity. Main reason f
If taxes and government expenditures were constant and did not vary with income, then: A. passive deficits would increase. B. structural deficits would increase. C. passive deficit
what is the use of national income statistics as an indicator for a country''s standard of living?
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