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Official Reserve Account: This part of the balance of payments informs us about how the balance of both current and capital accounts taken together is settled.Transaction in thi
Calculating Variance (σ) The standard deviations of the 2 jobs are: The standard deviation is used when there are several outcomes instead of only two. * An Examp
Conventions as a Basis for Forming Expectations : Since there is little objective basis for probability distributions about future yields, decision-makers have to act on the ba
• Production Function . The factors of production have to be combined in a particular manner to produce a certain product. Think of baking a cake which involves mixing fixed propor
Suppose scientists discover that eating soybeans prevents cancer and heart disease
Evaluating the Gains and Losses from the Policies of Government: Consumer and Producer Surplus * Review - Consumer surplus is total benefit or value which consumers rece
What is the difference between houehold and consumers?
Disposable Personal Income The amount of cash remaining after taxes are removed that an individual has the opportunity to spend.
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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
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