What is substitutes
Substitutes: The two goods for which a rise in the price of one good leads to a rise in the demand for another.
"In corn market, demand often exceeds supply and supply sometimes exceeds demand." "The price of corn rises and falls in response to changes in supply and demand."
Depreciation of a currency signifies fall in value of domestic currency in terms of foreign currency. Illustration: When value of rupee in terms of US dollars falls, state from Rs. 45 to Rs. 50 per dollar, it will be a condition of depreciation of Ind
Please brief the knowledge what is long run supply?
Let suppose NDPFC is Rs. 1,000 crores, and NFA is Rs. (--) 5crores, then what will be national income (NNPFC)? Answer: NNPFC = NDPFC+NFA = 1000 + (-5) = Rs. 995 crores.
What does fiscal deficit in government budget mean? Answer: This means more borrowing on the portion of government.
With the general equilibrium framework in place, the stage is now set for introducing fiscal and monetary changes and analysing their effects on the general equilibrium. We will first introduce a fiscal change in the form of increase in deficit-financed expenditure, a
a restrictive monetary policy is designed to shift the
Describe whether the sale of old scooter is comprised in national income?
How prices allocate resources?
Describe cost-push inflation and its major source.
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