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.
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Illustrate the complex cases when both supply and demand shift?
Illustrate a summary of what can cause a decrease in demand?
Use the circular flow model to confirm this assertion for a $1 per hour increase in the minimum wage?
The advocates of laissez-faire policies favor: (i) Govt. control of economy. (ii) Public ownership of all the resources. (iii) Income to be distributed according to requirement. (iv) Surpluses in the balance of trade. (v) Minimal govt. intervention in economy.
Describe the merits of “roundabout” production? Describe the term “division of labor”?
Adam Smith’s opinion of an “invisible hand” powerfully implies the meaning that: (w) pursuit of individual self interest must be controlled. (x) most people lose sight of what’s good for society. (y) most peopl
Illustrate Rational Behaviour of Economic Perspective?
According to Adam Smith nation's wealth is, not the gold this possesses, but somewhat it’s: (1) number of people. (2) capability to give goods for its people. (3) foreign investments. (4) domestic financial capital. (5) militar
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