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When is the economic theory useless?
One misunderstanding is to under-estimate the role of an economic theory. Several people thought an economic theory useless since they think assumptions imposed into the theory are unrealistic. Actually, no theory, whether in physics, economics or any other science, is completely accurate. The validity of a theory based on whether or not this succeeds in explaining and predicting the set of phenomena which this is intended to describe and predict. Therefore theories are incessantly tested against observations. Like a result of this testing, they are frequently modified, refined, and even discarded.
1- Suppose the economy is currently in recession, and the exchange rate if fixed using the IS-LM model. a) explain and illustrate the economy adjustment ( in the medium run)
objestive of williamson modle
Is it true to say that inflation can only sustain with the increase in money supply? Inflation can only be sustained if there is a persistent enhance in money supply. If there
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The vast majority of corn and soybeans produced in the United States is grown in the Midwestern states including: Nebraska, Iowa, Illinois, Indiana, and Ohio. This region experienc
Allocative efficiency criteria are satisfied by the competitive model. Because P = MC, in each market in the economy there is no over- or under- allocation of resources in this ec
Curvature of the Iso-quant: An iso-qunat is convex to the origin. This is so because as more and more units labour are employed, the producer would prefer to give up less and
Government Production: Some production in the economy is undertaken directly by governments (or several kinds of government agencies) in order to meet public requirements (as disti
Change in consumer income: A change in consumer income may bring about a change in the quantity demanded of a good or service. However, the direction of change in quantity deman
give assumption, rules/formulas and demonstrate that ramsey prices are the seconnd best pricing. explain clearly.
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