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First, explain the concepts of income, wealth and money and show how each is related to the other. Next, explain the concept of the monetary base and indicate its economic significance. Do you think that, for monetary policy purposes, the Bank of Canada (Canada's central bank) should control the monetary base or bank reserves? Explain carefully.
What are the major problems in measuring national income? The major problems in measuring national income: a. Unreliable statistics data collection is costly and the figu
Explain how the economic theories applied in business economics
What are the import substitution policies? Import substitution policies are as follows: Need trade restrictions for example, tariffs and quotas to defend infant industr
How does population growth produce development? The impact of population growth depends upon the form: • By net migration. When the increase into population is highly skill
characterestic of economics
Explain the elasticity of price expectations?
What are the limits of development theories? Theories are generalisations: • When LDCs share similarities, each country is unique economic, cultural, social and historical
case study on diamond price and petrol price for exxception to the law of demand
Are international capital flows a problem? Problem: Capital flows can have an adverse outcome onto: a. Balance of payments (BoP): Shortly term capital inflows can be like:
How does culture influence the development process? Culture influences what is of value into a society and affects how individuals, communities and organisations react to modi
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