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Explain the importance of well-established property rights in the method of development. Definition of property rights should not begin and end with owning land and buildings b
COST-OF-LIVING INDEXES * The CPI is computed each year as the ratio of cost of a typical group of consumer goods and services today in comparison to the cost during a base per
The Free Enterprise: Price System The free market system is where the decision about what is produced is the outcome of millions of separate individual decisions made by cons
Disadvantages of State Trading State trading has several disadvantages. (i) State trading is often afflicted by the corruption and inefficiency usually associated with the pu
Economic profit and Economic loss: Economic profit is the excess if total revenue over total cost when the latter includes both explicit and implicit costs. It is the type o
Will Governments Follow Good Policies? That governments can assist in development and growth doesn't mean that governments will. The broad experience of growth in developing ec
When measuring price levels in the economy (such as when calculating the CPI index), why is a weighted average used? Because we require giving greater emphasis to prices at whi
GIVE EXAMPLES OF EACH OLIGOPOLY MODELS FROM REAL LIFE
What is Demand Forecasting? Explain in brief various methods of forecasting Demand.
A firm has a short-run production function defined by: Q = -. 02L 2 + 8L What is the short run demand curve for labour (L) in terms of the market wage rate (w), if
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