Cost-push inflation
Describe cost-push inflation and its major source.
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It refers to inflation due to a rise in the cost of production, which causes aggregate supply to fall. Beyond a point any rise in costs are included in the price at which producers are willing to sell goods. This is reflected in as shifting up; with demand (AD) unchanged it causes higher prices in equilibrium.
One major source is minimum wage laws being enacted. These laws cause wage bills to raise that area a major and unavoidable part of total production costs.
Meaning: - as mentioned above, the balance of payments is a periodic accounting of international economic transactions. Each country having regular economic transactions with other countries prepares periodically the final accounts of their foreign receipts and paymen
In calculating the GDP national income accountants:
1. Examples of command economies are: A. The United States and Japan. B. Sweden and Norway. C. Mexico and Brazil. D. Cuba and North Korea.
Explain the concept of “economies of scale” and “increasing returns”.
A prosperous person who made higher and higher incomes yearly would possibly benefit most from: (w) proportional tax system. (x) progressive tax system, much like the one in place today. (y) regressive tax system. (z) fixed percentage tax system. Q : Unemployment (a) Do you think that (a) Do you think that macroeconomic policy should be designed to achieve a measured unemployment rate of zero?
(a) Do you think that macroeconomic policy should be designed to achieve a measured unemployment rate of zero?
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