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Explain the importance of well-established property rights in the method of development.
Definition of property rights should not begin and end with owning land and buildings but have a much wider scope. Property rights encompass also the use of land/buildings in accordance with contractual rents - and also any resulting output resulting from economic activity. Property rights enable households and entrepreneurs to borrow against both existing ownership deeds (to land or capital) and also future gains like output and profits. Lack of property rights serve to keep poorer households powerless and also act as a disincentive to improve use of land and capital.
What are the important functions to maximize total surplus? The market equilibrium maximizes total surplus since the market performs four significant functions are as follows:
A Period of Transition and Improvement: These few years stand out as the golden years for India's BOP. India had a small current account surplus (0.6 per cent of the GDP on an
GROWTH OF EMPLOYMENT OPPORTUNITIES: Policy failure refers to situations: i) When the objectives of public policy are attained partially or inadequately or in a distorted
What are the main weaknesses of using demand-side policies? Trade-off issues a) Growth and low unemployment often come with inflation b) Government stimulatory policies m
What are the properties of indirect utility function? Properties of the indirect utility function: While u(x) is continuous and monotonic onto R L + and (p, m) > 0, the in
what are the similarities and differences of marginal productivity and marginal utility
Q. Define Regressive Tax? Regressive Tax: A tax in that lower-income individuals or households bear a proportionately greater burden of the tax. Sales taxes aretypically consid
could a nations production possibilities curve ever shift inward
prove that the utility approach and the indifference curve approach yield the same consumer equilibrium
Q. Central Planning of economic system? Central Planning: An economic system in that crucial decisions regarding consumption, investment, exchange rates, interest rates and pri
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