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GDP is an important indicator of a nation's economic performance. It has many components which contribute to the growth of the economy. Oil is a minor component of GDP and therefor
POSITIVE AND NORMATIVE ECONOMICS Economics as a social science adopts an analytical approach to the study of changes in economic variables on the actions of human beings. Th
A scientist postulates that grazing by gastropod snails affects the settlement of Spirorbid worms in estuaries. She sets up a manipulative experiment to test this by using cages to
Summary of the cross model The below list summarizes the cross model and associates it to classical model: Labor Market: Real wages W/P is exogenous in cross model
Explain why anti-trust legislation supports a perfectly competitive market. Give at least one specific example of legislation to justify your explanation.
WTO Negotiations: As is obvious from the above explanation that India has favoured multilateral trade reforms ever since the time of GATT (1947) to WTO (1995). Currently WTO
1. Consider the market for a particular type of computer memory chip. Would you expect the long-run (own-price) elasticity of supply to be larger or smaller than the short-run elas
Do you agee or disagree " Economic theory helps society reach economic goals that it has selected for itself?" Justify your answer.
Macroeconomic performance The UK's future macroeconomic performance must be judged on how average living standards improve, inflation is kept under control, economy grows and
The Budget Line: The Consumer Constraints The consumer would like to maximize his satisfaction by reaching the highest possible indifference curve. But in the process, he faces
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