Technical change and vintage technology
In heterodox economics, what implications does technical change and vintage technology contain for the cost structure of the business enterprise?
Explain producers in an industry are receiving pure or economic profits?
Of the given options, the economist whose theories pivoted least upon the distribution of income and wealth (class conflict) in a capitalist system would have been: (1) Adam Smith. (2) David Ricardo. (3) Karl Marx. (4
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.
Is transfer income involved in national income? Explain Why? Answer: No, since transfer income does not effect in the production of services and goods.
Illustrate the Comparative advantage and terms of trade?
Describe GDP gap and Okun’s Law?
Define the following terms?
“Prices are the automatic regulator that tends to keep production and consumption in line with each other.” Explain.
Writ short note on the income of functional distribution?
Question: Describe the present economic crisis situation in Europe. Why has it been so difficult for the Europeans to find a solution to this problem? Comment on what implications the crisis may have for the rest of the world i
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