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How have economists traditionally defined "economic growth," and how is that different from "living standards growth"?
Economists have traditionally explained economic growth in terms of production of goods and services, whereas the concept of "living standards growth" encompasses the improvement in the quality of diet and housing, transportation and communication, education, health care, , working conditions, entertainment, and even political freedom and social inclusion.
Why do some people believe that a mixed economic system solves basic economic problems? Ans) It is due to the private sector and public sector both have a say in answering the
Determine the value of the marginal product of labor. Equilibrium in the Labor Market Each firm will hire labor up to the point at that the value of the marginal product of
It is clear that monopsony in the labor market is not steady with allocative efficiency and has the effect of withholding significant amounts the employees' MRP from them, that bec
Suppose Dlamini has R5 000 to spend on trousers and shirts. The price of trousers is R500 each and that of shirts is R312.50 each. 6.1 Use the information and calculate consumer eq
Explain externality, how can government intervene to achieve allocative efficiency in case of external cost or external benefit? Answer The term externalities refers to bot
1. The figure below is historical production data from the Kuparuk River field. The OOIP is 5,332,979 Mstb and cumulative recovery through 12/31/2004 is 1,971,200,654 stb.
explain diagrammatically the bains model of limit pricing.
Below are the two estimated cost functions. describe what type of data was most likely used to estimate each one and why. Explain which is a short- run function, determine the leve
Q. What do you meant by Multinational Corporation? Multinational Corporation: A multinational corporation (MNC) is a company that directly undertakes productive facilities or o
How do you draw the demand curve Q = 100 - 50P and indicate which portion of the curve is elastic, which is enelastic, and which is unit elastic?
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