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elasticity concept occupies a central place in policy formulation. Explain in details.
How can the size of shadow economy estimated? The size of the shadow economy is estimated when activity is undeclared as the amount of informal activity can be calculated: a
How is business cycle essential in economic downturns and upturns? The Business Cycle: It is the short-run alternation between economic upturns and downturns. A
QUESTION 1 (a) Suppose the government decides to implement a minimum wage to help low-income workers. How will the minimum wage affect the demand for labor and what does this i
How does social capital influence development? Problem: Low social capital leads to potential conflicts and high transaction costs which hinder growth. Several LDCs (Less Deve
Assignment on discounting principle
What is the Lewis Model? The Lewis Model argues economic growth needs structural change into the economy whereby surplus labour within traditional agricultural sector along wit
QUESTION (a) Explain clearly what inflation is and elaborate on its main causes. (b) "There is a trade-off between inflation and unemployment" Do you agree with this stateme
What is import substitution? Import substitution: It is a government industrialisation policy for development by replacing imports along with domestic production. St
How do institutions influence development? Institutions development influence: Institutions matter since they give opportunities for people and firms to participate into
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