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Discuss whether inflation or deflation is the more serious problem for an economy.
Inflation is a consistent general enhance in the price level, whereas deflation is a consistent fall in the general price level, i.e. negative inflation. The basic damage to an economy of both, ultimately showing - perhaps - that deflation, whereas rarer, can be held by many economists to be the greater of two evils.
Explain the meaning of the statement "coffee and tea are close substitutes".
diffence b/n fixed and variable input
Gains from International Trade: It leads to increased total world production of goods and services. International trade based on comparative cost advantage allows countries to
Suppose the demand curve for a consumer for coffee is: Q = 6 - 2P, where Q represents the number of cups per day and P is the price of coffee per cup. 1. Suppose the con
What have been some justifications given for the historical exclusion of household production from the national accounts? Some reasons have included: a. households are not p
Problem 1: Any development strategy should put people first; indeed, its very effectiveness should be measured in terms of how it impacts the poor. (a) Describe the link bet
Externalities: Many economic activities have collateral effects (at times positive, but more often negative) on other people who aren't directly involved in that activity. Illustra
2) Proctor & Gamble (P&G) and the Lever Co. decide to form a laundry detergent cartel for future sales in Europe. Lever is more efficient than P&G. a)illustrate graphically how the
Rational Expectations- Inflation Unemployment Trade-off : Now, consider what happens if we suppose that workers have rational expectations about the rate of inflation First, th
1. Define the concept of opportunity cost in your own words. Given an example from your own life of the opportunity cost of a decision (do NOT use classroom examples). Explain why
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