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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.
Define the price ceiling A price ceiling is a highest price that sellers can charge for a product.
Ask question # how do you formulate a demand and supply equations when you a table of prices, quantity demanded and supplied?
price falls and demand is elstic
The functions of money include; (1) medium of exchange, (2) store of value, and (3) a calculate of worth. Due to money is acceptable as a form of payment for all commodities,
how can draw the table and diagram of production function function with one veriable
What is the difference between economics and business? Economics is the study of how we, the people, engage ourselves in production, distribution and consumption of goods and
Distinguish between the terms of trade and the balance of trade. Basic explanation of the terms of trade as the average price of exports in relation to the average price of imp
The price of a laptop increases by 20% and there is a 40% drop in the quantity demanded.
Suppose a government uses an expansionary fiscal policy to get out of a recession. Use the IS/LM model and the IS-PC-MR model to explain what monetary policy to pursue.
consumer equilibrium by indiffrence curve approach
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