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Real and nominal measures
Output, Expenditure and Income can be valued at current market price in which case we speak, for example, of money or Nominal NNP, or NNP valued at current prices. Changes from one year to another are then a compound of changes in physical quantities and prices. Output, Expenditure and Income can also be valued at the prices ruling in some base year. In this case, each year's quantity is priced at its base-year prices and then summed. We then speak, for example, of GDP at constant prices, or REAL GDP. Changes in constant-price GDP give a measure of real or quantity changes in total output.
Lender of Last Resort The central bank also acts as the lender of last resort. Historically, this function developed out of the special position of the central banks. The centr
Why we need to distinguish between private cost and social cost?
the table shows gasoline rates in US
game theory matrix dominant strategy
COSTS OF UNEMPLOMENT AND INFLATION In an economy both unemployment and inflation have adverse effects and policy makers formulate policy instruments to contain both
Q. What do mean by Convex Isoquant? Isoquants are convex to the origin: At any point of an isoquant,the slope is negative. Its numerical value measures the marginal rate of te
Q. What is Internal Diseconomies of Scale? Internal economies of scale exist only up to a certain size of the plant. Size of plant is called the optimum plant size since with t
Q. Describe the Public Utility Monopoly? Public Utility Monopoly: Governmental authorities seize complete management and control of some utilities to protect social interest
Q. Types of production function? Production function is of two different forms: The variable proportion production function The fixed proportion production functio
Suppose you have estimated the following demand function for the product you sell: Q = 5 - 0.2P At what price will the demand for your product be unitary elastic? (Hint: B
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