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QUESTION
Explain the meaning of classical dichotomy, neutrality of money and Walras law.
b. "In a Walrasian general equilibrium model with money as a unit of account, only relative prices can be determined" Explain.
c. Discuss Patinkin (1965) proof that a Walrasian general equilibrium model with money market leads to an invalid dichotomy and inconsistency.
d. Discuss the Patinkin (1965) solution to make the model discussed in (above c) determinate and consistent.
QUESTION (a) What are the causes of inflation in an economy? (b) Discuss the policy implications that the central bank will implement if there is excess liquidity in the mar
summarize the basic tenets of the arguments in this case?
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This is concerned with any one of the following forms. controlling the supply of money controlling interest rates Rationing the amount of credit granted by banks
How is the equality of income distribution measured? The Gini coefficient is a statistical type measure of income distribution. This Gini coefficient is: • 0, which impl
what is the important or usefulness of pricing practices to management
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