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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.
explain how macro and micro issues may be represented using production possibility curve
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Borrowings: The widening fiscal gap led to a steep rise in the outstanding liabilities of the Central Government. The outstanding domestic debt of the Central Government as a
What main features are found in oligopolies? Assumptions of oligopoly Four or five firm concentration ratio Frequently there are benefits of scale to be had Merg
Problem 1: Health insurance leads to health promotion. Using diagrams, describe the impact of health insurance on the demand for health care. (a) Distinguish between negati
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Rationale of Group Project Group project allows you to pursue authentic learning with your peers, and to apply theories taught in class and textbooks to real world situations.
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