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KEYNES' THEORY AND EXPECTATIONS:
Expectations played a major role in Keynes' theory of the determination of aggregate output and employment in market economies in the short run. Expectations about future yields on investment projects underlie 'the marginal efficiency of capital' schedule. However, the volatile nature of these expectations plays a major role in explaining why investment expenditure and therefore output and employment in market economies are subject to fluctuations.
the prevalence of excess capacity is the direct consequence of the existence of monopolistic competition
consumers oriented application
Explain how normal profit and abnormal profit differ. Normal profit (breakeven) - which must contain commentary on the inclusion of opportunity costs. Abnormal profit should be
An increase in the scale means that all inputs or factors are increased in a given proportion. Increase in the scale thus occurs when all factors or inputs are increased keeping fa
The idea for the national accounts came during the 1930s depression in the U.S., when decision-makers wanted to get a better sense of by how much economic production had fallen. Si
short run equilibbrium
argument against in favour of traditonel theory profit maximisation
In an updated GDP that contains household production, how would the purchase of a car or appliance for household use be treated? A car or appliance would be treated as a househ
What the definition of microeconomic
Determinants of Social Demand for Education - Equity Perfect equality is not observed in any society. Hierarchy in status, standards of living, capacities for effective demand
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