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Describe the terms inflation, deflation, and inflation rate and price stability. Inflation and Deflation: a. An increasing aggregate price level is called as inflation.
What is the Third World? Third World: Developing countries are sometimes termed as collectively like the Third World. Such term can cause offence within developing nation
What are colonial background countries of the development process? A colony is a country controlled by other. Various European countries had extensive empires as: • Latin
Examine the factors that determine the price of computers in a free market. In recent years, the price of personal computers has continued to fall even in the face of increasing de
The economy of Cotai contains 2000 $1 bills. (a) If people hold all money as currency, what is the quantity of money? (b) If people hold all money as demand deposits and bank
QUESTION a) Explain with the use of appropriate techniques how can an increase in investment spills over to other sectors in the economy and what affects the final impact on ec
What are the critics of advocates of World Bank in promotion of development? Critics of the World Bank argue: • A one-size-fits all strategy which does not take account
What is the Lewis Model? The Lewis Model argues economic growth needs structural change into the economy whereby surplus labour within traditional agricultural sector along wit
Define the planned or command economy system. Planned or command economy: Resources are owned through the state. The state assigns resources, and sets production goals a
What is a bowed out shape? Why does a production possibilities frontier with increasing opportunity costa have a bowed-out shape?
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