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Benefits of Education The returns a person/society (state/government) gets from acquiring education is referred to as benefits from education. If such returns are paid/receive
Explain opportunity costs using a PPF where investment goods are on one axis and consumption goods on the other. Again, a good definition of opportunity costs linked to the not
Use a PPF to explain the difference between actual and potential growth. The PPF shows possible output, taking into consideration all factors of production - but de facto outpu
Market intervention by government Government intervenes in various degrees in different countries. Free economy is almost non-existent in the modem world. In real world, the form,
Answer in True or Flees 1. "Revealed preference methods for valuing environmental services and goods (for example hedonic price method, travel cost model, etc.) can reveal non-
The efficiency loss of a tax is the tax revenue collected by government minus the value of the public goods financed through the tax. Why is this false?
Perfect Competition It's a market where conditions prevail like that buyers and suppliers are without the ability to manipulate price in any significant way such that the marke
A control in economics means a steady profit rate that is enhancing. Thus, after one year you could have £1mill profit then the next year £3mill profit etc.
Raise or Lower Tuition? Suppose that, in an attempt to raise more revenue, Nobody State University increases its tuition. Assess a raise in tuition and if it will necessarily res
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