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Define the term- Wages and income
Remember that by wage we mainly mean what you receive for working one hour, whereas income is the total revenue from all sources over a longer time period (like a month). Your income relies on the wage however also on number of hours you work. An individual may have a very high wage though a low income (say $1000 per hour but only working 1 hour per month) or a low wage however a high income (for instance by owning stocks or bonds). Do not confuse wage with income.
Suppose the consumption function is C = $500 billion + 0.55Y and the government wants to stimulate the economy. By how much will aggregate demand at current prices shift initially
Aggregate demand and Say's Law Y D = Y S in the classical model (Say's law) Aggregate demand Y D is defined as quantity of nationally produced
How can we define the real wage as nominal wage We define real wage as nominal wage divided by a price index (typically CPI). In the illustration above, your real wage was 20 i
You have a choice between a lottery lump sum payout of $10,000,000 today or a series of 25 annual annunity payments the first payment will be one year from today ad a discount rate
Properties of indifference curve: Property I: Higher indifference curve gives higher utility. Explanation: Since all goods are non-satiated, larger consumpti
The economy of Macroland has a balanced budget with fixed government expenditures G = 150 and T = 150. Investment is autonomous: I = 200. The consumption function is the foll
Q. Show the analysis of cross model? We can divide our analysis of cross model into three sections: Aggregate demand. Aggregate demand is a major component of cross mo
# ???? .. difference between gdp at market price and nnp at factor cost
The Widget Manufacturing Company must replace a widget machine, and is evaluating the capabilities of two systems. A requirement of management is that the machine chosen must be p
State about the unitesd state government bonds In most countries, you find government bonds with longer maturity. For example, in the United States you have Treasury notes (two
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