The market system
1. Examples of command economies are: A. The United States and Japan. B. Sweden and Norway. C. Mexico and Brazil. D. Cuba and North Korea.
What do you understand by the term Price (P) at Market in Economy?
How prices allocate resources?
The consumer gains from being capable to purchase at a single price rather than paying all that the particular quantity of the good is subjectively worth are: (i) Adverse selections. (ii) Market exploitation. (iii) Consumer surpluses. (iv) Moral hazards.
For every value of real GDP, actual investment equals? A. Planned Investments B. The difference between planned investments and actual saving. C. The difference between planned saving and actual saving. D. Planned Saving
Differentiate between APC and MPC. The value of which of them can be greater than another and when? Answer: APC is the average
The economic effects of inflation are all pervasive. It affects all those who depend on the market for their livelihood. The effects of inflation may be favorable or unfavorable, and low or high depending on the rate of inflation. For example a galloping the hyper inf
Define the "full-employment" or "natural" rate of unemployment and give its approximate percentage rate as economists currently define it.
Why the borrowings by Government are taken as capital receipts?
A tax will be backward-shifted totally when the: (i) demand curve is vertical and the supply curve is slopes up. (ii) demand curve slopes down and the supply curve is vertical. (iii) supply curve is perfectly elastic and the demand cu
Describe Okun's law? Give an illustration of how it works.
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