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What do you mean by standard of living? Standard of living (SoL): It is incomer per capita (head) and it is determined by national income (GDP) divided through total pop
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What is a bowed out shape? Why does a production possibilities frontier with increasing opportunity costa have a bowed-out shape?
Is there a consensus view on the responsibility of government? Highly controversial and depends onto your view like to whether markets work. International agencies as like the
What are the limits of national income (NY) statistics in measuring development within a country? National income statistics simply show changes in GDP (Gross Domestic Product)
Explain the state intervention approaches for promoting development. State intervention can result within: • Large bureaucracies staffed through friends and relatives of the
How do economists differ from accountants in the use of the term profit ? Definition of rev and accounting costs Explanation/outline of opportunity costs, for example
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What are the major area of decision making ? How does economic theory contribute to managerial decision ?
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