Microeconomics
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What must be added to NNPMP to obtain net national disposable income? Answer: The Net current transfers from abroad must be added to NNPMP to get national disposabl
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 equi
Explain the concept of “economies of scale” and “increasing returns”.
The Financial Account captures international fund flows due to
Describe why businessmen mostly wish to open current account in bank?
If $9 is required to buy £2, what is the exchange rate for USA dollar? Answer: £1 = 9/2 = $4.5, i.e., £1 = $4.5.
What relationship does the MPC bear to the size of the multiplier? The MPS? What will the multiplier be when the MPS is 0, .4, .6, and 1
Elucidate the concept of deflationary gap. Answer: Deflationary gap is the deficit in aggregate demand from the level needed to maintain full employment equilibrium
In market economies, what are the signals which guide economic decisions?
Voluntary unemployment: It refers to a condition when person are not willing to do work at customary market wage rate, though they are receiving a work.
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