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What are long run and short run?
Long run:
It is the time period wherein all inputs cannot be fixed.
Short run:
It is the time period within which at least one input is not varied.
The total product curve demonstrates how the quantity of output depends onto the quantity of the variable input, for a specified quantity of the fixed input.
How are individual makes choices? Fundamental principles behind the individual choices are as follows: 1. Resources are scarce . 2. The real cost of anything is what y
Derive the conditions for steady state in the Solow model. What are its implications? In what respects is the golden rule different from the steady state?
Determine the principle of equity The principle of equity is that a tax must be fair and the tax is levied on those with the ability to pay tax. The principle of efficiency
Since anyone is able to obtain a license, not necessarily the low cost suppliers of archery lessons, and it is not necessarily the individuals with the highest willingness to pay w
Lucas’ point of view, what are the limitations of the Keynesian model? What improvements does he suggest?
Explain the purposes economists disagree and using models of economics. Using Models of Economics: a. Positive economics b. Normative economics A forecast is an easy p
Why are Economic Models uses for Trade-offs and Trade? Simplified representations of actuality a. production possibility frontier b. comparative advantage c. circular-
What does the United States do better than other countries?
Oil price shocks lead to large adverse supply shocks in the macroeconomy, infer Dornbusch et al (2008) who define an adverse supply shock as; ‘one that shifts the aggregate supply
use a numerical example to illustrate how credit multiplier works
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