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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.
Explain the notion of the hidden momentum of population growth. Why is this an important concept for projecting future population trends in different developing nations?
Q1 An important first step to the statistical analysis of data is to "get to know your data". The following tasks should contribute to this. (a) To the right of the dataset c
define scarcity and opportunity cost? what role these two concepts play in the making of decision making?
how does occupation affect the size of labour force
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A sample of 58 mutual funds was taken and the mean return in the sample was 14% with a standard deviation of 9.3%. The return on a particular index of stocks (against which the mut
In June, Leslie wins a cash prize of $2,000. She plans to use this money to pay her tuition bill in September. Leslie puts this money in a savings a savings account because her mai
(a) Describe and discuss the Structure Conduct Performance framework (b) The hypotheses of interest in the Structure Conduct Performance framework are as follows: Hypothesi
(a) Explain why each of the following factors may influence the own price elasticity of demand for a commodity. (i) Consumer preferences, that is, whether consumers regard the comm
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