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Explain the term economic efficiency?
Answer: Economic Efficiency means full utilization of all available resources in economy i.e. to produce the needed amount of goods and services. When economy is producing its needed amount of goods and services by utilizing all of its resources, then the economy is considered to be an efficient economy.
Ben prefers the mixed consumption basket x+y to either 2x alone or 2y alone. But as between the latter baskets, he would rather have the 2x. Do the fact stated indicates the axiom
types of production function
Functions of the WTO: The WTO performs the following functions: • It administers through various councils and committees the 29 agreements contained in the final act of
PARALLEL ECONOMY: What is in popular parlance known as black money, and is, misleadingly called the 'parallel' economy, (as it operates very much with and within the legal, fo
You are examining the effects of a specific tax of 10 cents imposed on the sales of a product that we shall call XYZ. To carry out your analysis, assume that the market is a perfec
15 and 16
Domestic Policy Failures: i) There is too much emphasis on "ownership" ownership of bad policies can lead to disasters. So, at times, the Fund and the Bank will need to be "p
A tax imposed on a market with an inelastic demand and an elastic supply will cause
Government Policy Business Cycle Business cycles create instability in the economy. The period of boom or rising business activities is characterised by increase in output, emp
prove that marginal utility of x=the price of commodity x.
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