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Whenever real GDP declines, nominal GDP must also decline
uses of national income statistics
What isn''t a component of the M1 money supply?
Assume the residents of an economy spend all of their income on cauliflower, broccoli and carrots. In 2003 they buy100 heads of cauliflowers for Rs. 200; 50 bunch of broccoli f
what role does interst rate play in refernce to output?
factors that causes the shifts in balance of payments
Imagine Adam Smith living in today's economic climate. Describe what current economic issues about which he might be most concerned with and state why?
using a graph of the classical labour market, illustrate the effects of a real wage existing in the market that is lower than the equilibruim real wage.what will eventually happen
Describe the relation of money with wealth and income It is very possible to have a high income but no money and no wealth, or to be very wealthy and have a lot of money but no
Money is generally considered to have three economic functions: A medium of exchange. This is its most significant role. Without money we would live in a barter economy wher
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