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What are the three approaches to measuring GDP?
The three approaches are:
a) The production approach,
b) The spending approach and
c) The income approach.
1) Lynne's income is £2, 000 and she is risk averse. The probability of someone slipping on her stairs is 1/8. If this happens, she will be sued for £1, 000 and will have to pay th
use the concept of the income elasticity of demand to explain the difference necessities, luxuries and inferior goods
Selective in Exports: There are many industries where India has an advantage because of relatively lower costs of all forms of manpower whether it is professional or factory l
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International economic relations also depend, in large calculate, on monetary =issues. You are unlikely to accept the Turkish Lire in payment for your wages in this country, easil
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discuss the methods used by the malaysian government to slow down import growth.
You estimate that the price elasticity of demand for one-acre plots in Lusaka is -1.5 and that income elasticity of demand is 5. Land owners intend to increase the price of a one-a
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