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Q. Describe Wages and income?
Remember that by wage we characteristically mean what you receive for working one hour, whereas income is the total revenue from all sources over a longer time period (for instance a month). Your income relies on the wage though also on the number of hours you work. An individual may have a very high wage however a low income (say $1000 per hour though only working 1 hour per month) or a low wage however a high income (for instance by owning stocks or bonds). Don't confuse wage with income.
Does a firm's price equal marginal cost in the short run, in the long run, or both? Explain.
In 1 to 2 sentences respond to the following comment. "Cleaning your own house is not counted in gross domestic product because it does not represent economic production."
Q. Characteristics of endogenous growth theory? There are many different explanations for technological progress. Most of them, though, have many common characteristics:
The demand function for Newton's Donuts has been estimated as follows: Qx = -14 - 54Px + 45Py + 0.62Ax where Qx represents thousands of donuts; Px is the price per donut; Py
Outline briefly a. How people make decisions? b. How they interact? c. How economy as a whole works? 1. Give three examples of important trade offs, th
Explain demand management of Keynesian economists The demand management of Keynesian economists of 50's and 60's is attacked by free-marketers for ignoring the importance of s
how to maintain equilibrium gdp in foreign trade
Expenditure method is also called Flow-of-Expenditure method, consumption and investment method, income Disposal method, etc. Expenditure method measures the final expenditure
How rates depends on maturity Rates depending on maturity. Even though rates with different maturity (all recalculated to a yearly rate) need not be exactly equal, they cannot
EXPLAIN ANY FIVE USES OF NATIONAL INCOME STATISTICS
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