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(a) Differentiate between a command economic system and a laissez-faire. (b) Assess to what extent it is advantageous for an economy when it moves from a controlled to a free-e
Rationale for government intervention There are six major functions the government can perform in an economy. 1. The government provides a legal and social framework within which
Marginal Product Theory a. What is the MC of output in the short-run? b. What is the MC of labor (employed)? c. What is the short-run profit-maximizing decision
Area of Dominant Influence (ADI) The ADI is a geographic area made up of all over the world that receive signals from radio and television stations in a individual market.
Is the natural rate of unemployment includes frictional, structural & seasonal unemployment? The natural rate of unemployment contains frictional, structural & seasonal unempl
Absolute advantage is the simplest yardstick of economic performance and it may be simply describe as If one person or a firm or a country may produce more of something with the sa
On what kind of income is our taxing system based?
1).Explain a coordination failure. Using the Prisoner's Dilemma example above, discuss coordination failure. 2). What's a Market Failure? Please define the circumstances under w
Adding the economic activities of government to the circular flow model shows that: 1. Government spending creates inflation 2. Government purchases of goods and services,
price of laptop increases by 20% and there is a 40% drop in the quantity demanded?
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