Definition of shortage
Definition of shortage: It is a condition in which quantity demanded is more than the quantity supplied. The sellers will respond to the shortage by increasing the price of the good till the market reaches the equilibrium.
Definition of shortage: It is a condition in which quantity demanded is more than the quantity supplied.
The sellers will respond to the shortage by increasing the price of the good till the market reaches the equilibrium.
Define fiscal policy? Answer: Fiscal policy is the revenue and expenditure policy of government with a view to combat the state of inflationary or deflationary gap
What is the impact on income or output and price of excess demand (Inflationary gap)? Answer: In the condition of excess demand (that is Inflationary gap) there wil
The value of nominal GNP of an economy was Rs. 2,500 crores in a specific year. The value of GNP of that country throughout the same year, computed at the prices of some base year was Rs.3000 crores. Evaluate the value of GNP deflator of the year in terms of percentag
Mold which destroyed the hamburger crop following a flood would be most probable to slash the demands for: (1) Fried chicken with mashed potatoes and gravy. (2) Soda pop and water. (3) Cucumbers, carrots, and egg plant. (4) Mustard and ketchup. (5) Tofu and sushi.
Predictions which restricting international trade to protect specific industries and “infant” firms would (a) inefficiently decrease aggregate output and employment, (b) raise the market power of the protected firms and their workers, and
Land, capital and labor are all scarce since: (1) advertising mainly over stimulates human wants. (2) once employed they cannot be used again. (3) each productive resource needs a monetary return for its employ. (4) inheritance under a capitalism prot
The market price you pay for each and every particular goods you purchase regularly is probably most closely associated with the last unit of each and every good’s: (1) Marginal utility. (2) Total utility. (3) Producer surplus. (4) Consumer surplus. (5) Economic
Give some objective of government Budget. Answer: The objectives which are pursued by government via the budget are as follows: A) To attain economic growth. B) To decrease in equalities in income and wealth.
Differentiate between APC and MPC. The value of which of them can be greater than another and when? Answer: APC is the average
how to calculate national income under value added method
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