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Assume you see that two macroeconomic variables are correlated with each other. But you want to know if there's an underlying or causal relationship between the two variables. Would you use an empirical or theoretical investigation? Explain why.
You would use a theoretical investigation. Empirical investigation is useful in explaining macroeconomic phenomenon, but might be inadequate in explaining them. It might be clear that two variables are correlated, but unclear if there's a causal relation among the two. Theoretical investigation can more closely study complex relationships among phenomena.
Q. What is Unit Labour Cost? Unit Labour Cost: How much an employer pays for labour needed to produce each unit of a good or service. Unit labour cost can be computed by dividi
Is the terms of trade (TOT) explained as the ratio of the value of exports to the value of imports? How does the TOT relate to the exchange rate? The terms of trade (TOT) is ex
What are the factors that determine the volume of production?
Aggregate Demand For Wheat The demand for U.S. wheat is comprised of domestic demand and export demand. The domestic demand for wheat can be given by the equation: -QDD =
Chapter 13 / PERFECT COMPETITION and THE SUPPLY CURVE 1. Joe Brown’s dairy operates in a perfectly competitive marketplace. Joe’s machinery costs $500 per day and is the only fixe
What is the impact of microeconomics on economy?
1. Calculate price elasticity of demand and supply for the following functions when (a) P=8 and (b) Q=6. i. P= 40 - 0.5Q ii. Q= -40 + 0.75P iii
function with equation,variable,parameter
the prevention of major swings in economic activity cn be handled most easily by the financial or government sector?
The Money Creation Process is explained below: We can now study the money supply or the creation process. Suppose the government wishes to buy pencils worth Rs. 10 for the offi
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