Define cyclical fluctuations
Define cyclical fluctuations?
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Durable goods output is more unstable than non-durables and services because spending on latter usually cannot be postponed.
Fiscal Policy:Public or government finance is a field of economics. This deals with budgeting the revenues and expenditures of government (i.e., or public sector). It is regarding the identi
A laissez-faire government is restricted to finding: (1) property rights within a simple fashion and to enforcing private contracts. (2) market prices which guarantee equitable resource allocations. (c) how resources will be allocated efficiently. (4)
Elucidate how to maintain competition?
“Natural price” by Adam Smith of a good was eventually determined through: (1) the amount of capital used within production in the short run. (2) long-run average costs of production, that Adam Smith believed to be the amo
Elucidate redistribution of income?
Explain: “Goods and services are scarce because resources are scarce.” Analyze: “It is the nature of all economic problems that absolute solutions are denied us.”
Illustrate the characteristics of the Market System?
Describe the Functional distribution of income?
“Prices are the automatic regulator that tends to keep production and consumption in line with each other.” Explain.
Question: A country with a fixed or managed exchange rate would consider i.___________________ its currency to gain competitive advantage vis-à-vis its trade
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