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What are the two main forms of economic distribution? What is the difference between them? The two major forms of economic distribution are exchange and transfer. Exchange in
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fundamental problems
What are the most important challenges that economists try to address? (ii) What is the role of government in a market based economy? (iii) Who are the main economic players and w
#quesExamine the expenditure trends over the last 40 years. What are the direction and magnitude of changes in spending in and between these various categories (with the exception
What are expansionary and contractionary effects? Expansionary effect refers to the effect of raising the equilibrium level of national income. For example, an increase in gov
REAL VERSUS NOMINAL PRICES • Nominal price is a complete or current dollar price of a good or service when it is sold. • Real price is the price related to a combined me
Elasticity help
Expected Value - The weighted average of payoffs or values resulting from all the possible outcomes. The probabilities of every outcome are used as weights Expected
an explanation of the meaning of price ceiling
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