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Q. Explain about Gross Domestic Product?
Gross Domestic Product:Value of all the services and goods produced for money in an economy, evaluated at their market prices. Excludes the value of unpaid work (like caring reproductive labour performed in the home). GDP is calculated by adding up the value-added atevery stage of production.
typical assumptions
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1. Implicit and explicit revenues minus implicit and explicit costs equals: A. accounting profit. B. economic profit. C. zero profit. D. implicit profit. 2. A business owner mak
EXPLAIN KINKED DEMAND CURVE
how to calculate growth rate in closed economy
Comparison with Our Targets : A proper objective assessment of our performance can be carried out only when we juxtapose our current achievements with: (i) planned or targeted
Capital make large scale production and greater degree of specialization possible. Thus with capital accumulation the advantages of large scale production and specializations are o
detail of consumer surplus with examples
1. Seller has ample time to adjust to price change. 2. Buyer's response to small price change is significant. 3. Buyers are faced with many options when deciding to make a
Aspects to promote administrative reforms: Following aspects to promote administrative reforms: 1) A closer focus on results in terms of efficiency and effectiveness, and
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