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use the concept of the income elasticity of demand to explain the difference necessities, luxuries and inferior goods
2. Suppose the price of printing paper for digital cameras has recently risen by 10 percent due to an increase in the cost of materials used in the finish for the paper. As a resu
What is a negative externality?
Market failures (even when they do not have international external effects) i) Self-fulfilling bank runs, government debt runs, currency crises. ii) Liquidation costs of li
Explain how a country can peg (fix) its currency to another currency. Explanation of a pegged/fixed currency should centre on how the central bank uses the currency market mech
STRATEGIES AND POLICIES FOR ADMINISTRATIVE REFORMS: As stated in a United Nation's Publication, following strategies and policies are necessary to bring about administrative i
Types of budget: Surplus Budget: A surplus budget occurs when the expected government revenue is planned to exceed the proposed government expenditure. It can be achieved by
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,
Most lotteries in the United States pay their winnings over time. For illustration, a million-dollar winner will receive $100,000 initially and the rest in equal installments over
when total production fall what,s the status of average product and marginal product
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