If resources were unlimited and freely available
Explain this statement: “If resources were unlimited and freely available, there would be no subject called economics.”
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If resources were unlimited and freely available, making choices would not be necessary. Every person could have as much as they wanted of any good or service. Science of choice should be unnecessary in Economics.
a) Whether the bond market moves up or down, high-convexity portfolios will for all time outperform low-convexity portfolios of equal duration and yield." Elucidate the argument supporting this statement and the connection to the classical immunization strategy. What
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Adam Smith must have emphasized more strongly how his Wealth of Nations drew concepts and inspiration by Richard Cantillon’s Essai. Now today’s perspective that the Wealth of Nations would considered even
Question Would "Victory Points" be a measure of player's "GDP"? If not, then how would you calculate a player's GDP?
Distinguish between allocative efficiency and productive efficiency. Give an illustration of achieving productive, but not allocative, efficiency?
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