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Since anyone is able to obtain a license, not necessarily the low cost suppliers of archery lessons, and it is not necessarily the individuals with the highest willingness to pay who are able to receive a lesson, what does it imply about the efficiency of the larger economy to which the market for archery lessons belongs?
a. the economy is efficient in consumption, production and output levels
b. the economy is not efficient in consumption, production and output levels
c. the quota prevents the market price from acting as an economic signal
d. Price will act as an economic signal, drawing in more archery instructors.
example on the calculation of IS LM Curve?
what are the advantages and disadvantages of a national income and green GDP? national income figures are often used to compare living standards across countries and through time.
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exam notes of national income accounting
detail givn the transaction demand
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