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How is the wrong conclusion result in necessary condition not in the sufficient condition?
This is often heard that the market institution must not be used based onto the fact that several countries are market economies but remain poor. The cause this logic results within a wrong conclusion is which they did not realize the adoption of a market mechanism is just an essential condition for a country to be rich, although is not a sufficient condition. Becoming a moneyed country also based on other factors as like political system, culture and social infrastructures. Additionally, no illustration of a country can be established so far that this is rich in the long run, which is not a market economy.
The positive statement state fact whereas normative statement provides opinions or value judgments. Differentiating these two statements can void many needless debates.
There are two individuals in town, one is high risk and the other is low risk. 1 The probabilities of having an accident for the low risk individual and high risk individual are p
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Edge Act A federal law passed in 1919 that are available national banks to accomplish foreign lending operations through federal or state chartered subsidiaries called Edge Ac
Ask quesThe market demand for brand X has been estimated as Qx = 1,500 - 3Px - 0.05I - 2.5Py + 7.5Pz where Px is the price of brand X, I is per-capita income, Py is the price of
The Acme Bakery in the seaside resort town of Malvino sells freshly baked bread to two categories of consumers: residents of the town and tourists. The weekly demand from touris
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The basic concepts of price theory
THEORY OF INTER-TEMPORAL CONSUMPTION: In the previous two units, we have been concerned with choices among contemporaneous commodities. An important class of choices made by c
What should be the decent/appropriate growth rate in any country? Answer: A growth rate of among 2-3% is considered normal for mature developed countries; for LICs, 5-7% is
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