Macroec
Examples of command economies are: a) the United States and Japan b) Sweden and Norway c) Mexico and Brazil d) Cuba and North Korea
Economic growth is measured by the rate of increase in national output, GDP. The output depends on inputs -labour, capital technology etc. the theories of economic growth bring out how and to what extent each input or factor contributes to the g
Imports and American cars are much close however not perfect replacements. When the U.S. govt. tried to enhance American car sales by setting a price ceiling of P1 on imported cars: (i) The quantity of cars imported will drop/fall from Q0 to Q1. (ii)
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What is the basic difference between Market Supply and Individual Supply?
Describe when there will be a surplus of the good?
Gross domestic capital formation is always greater than gross fixed capital formation
If the liability to give a tax is on one person and the burden of tax fall on some other person, state the kind of tax? Answer: These are indirect taxes like sales
When doubling your viewing of soap operas to 16 hrs per week reasons your IQ score to drop/fall from a mastermind level of 140 to a sluggish 70, your TV elasticity of brain power will be: (i) + 1.0. (ii) zero. (iii) – 1.0. (d) +0.5. (e) -0.5.
What occurs to economy, when credit availability is limited and credit is made costlier? Answer: Aggregate demands falls
Write a 3 page paper using microeconomics concepts as a primary mode of analysis. Your paper should use 1.5 line spacing, a 12 point font, and 1inch margins. Proof read your paper. You will lose 5 percentage points per day for each day past the
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