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Economic Rent - Economic rent is difference between what firms are willing to pay for the input less the minimum amount required to obtain it. * An Example - There are tw
Severe drought hit the coffee industry hard this year; as a result, more people are now switching to tea. The first table below shows the original supply and demand quantities in t
Balance of payment: It is an account that summarizes a country’s total payments and total receipts from international economic transactions within a specific period usually on
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Estimating Occupational Structure of the Labour Force within Economic Sectors in the Target Year The total output in the economy, the sectoral shares therein and labour produc
Functions of Money Money performs several important functions. It serves as a medium of exchange, a unit of account, a store of value and a standard of deferred payments. In a
How have falling commodity prices affected many developing countries? Definition of commodities; raw material like copper, iron and bauxite; and agricultural goods like rice an
Which of the following is a free good? Fresh water, forests in the northwestern United States, the advice of economists, or none of the above?
You are the final voter in a brand new start-up league, the Ultra Fun Foosball League (UFFL). The directors are looking to you to make the decisions on how many teams to place in a
Measure Inflation : There are two common methods of measuring inflation: (i) percentage change in price index numbers (PIN) , and (ii) change in GNP deflator. The tw
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