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Differentiate between real and nominal variables.
In economics, the distinction among nominal and real numbers is often made. Nominal variables -- like nominal wages, interest rates and gross domestic product (GDP) -- refer to amounts that are paid or earned in money terms. Real variables -- real wages, interest rates, and GDP -- are corrected for the effects of inflation. They show the value of these numbers in terms of the purchasing power of wages, interest, or total production.
two countries workland and playland have similar population and identical production possibilities curves but diffrefences . the procuction possibilities combination are as follows
explain economic growth
3. Which of the following would not be an expansionary fiscal policy? a.Increased welfare payments to the poor b.Decreases in federal taxes on corporations c.A balanced budget d.I
What types of questions would concern microeconomics, versus macroeconomics? Microeconomics concerns itself with decision-making of individual consumers, firms and other organ
Partial Input Elasticity of Output: This is a short-run concept which deals with the variability of only one factor keeping the others constant. There are three kinds of retu
Returns to Scale Measuring relationship between scale (size) of a firm and output 1. Increasing returns to scale: output more than doubles when all the inputs are doubled
Consider the following: The city council has just approved the construction of a water park in your town. You are responsible for studying the impact of the new water park on the l
what is the definition of economic system?
equilibrium price and output.
Budget Constraints * The Budget Line - The budget line indicates all the combinations of 2 commodities for which total money spent equals the total income. * The Budget
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