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The neo-classical view
The neo-classical view is that market forces are the best directors of the economy. Positive attempts by the government it is argued inevitably make things worse. The correct posture for fiscal policy, therefore, is simply to minimize the role of government, thus leaving the largest proportion of the economy possible to be run by the market forces.
NATIONAL INCOME ACCOUNTING This refers to the measuring of the total flow of output (goods and services) and of the total flow of inputs (factors of production) that pass thro
CAPITAL ACCOUNT This records all transactions arising from capital movements into and out of the country. There are a variety of such capital flows recorded, namely: i.
Disadvantages of Barter Trade It is impossible to barter unless A has what B wants, and A wants what B has. This is called double coincidence of wants and is difficult t
determination of size of firm
1. The price of a CD (PC) is $10 and the price of a DVD (PD) is $20. Philip has his income (M) of $100 to spend on the two goods. Consider three consumption bundles: (C, D) = (2, 3
A company uses 2 inputs, K and L in its production function. The production function is given as where Q, K and L are in units per week. Price of input K per unit is RM100, and inp
define equi marginal principle
Features of Free Market System The features of a free market system are: (i) Ownership of Means of Production Individuals are free to own the means of producti
What is the equilibrium in the labor market? Explain briefly. Equilibrium in the Labor Market a. The market labor of demand curve is the horizontal total of the individual l
You have recently gained employment with a computer consultancy company. Due to your specialist knowledge in the areas of Human Factors and usability, your manager considers that y
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