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.
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
A tax is shifted forward when the tax burden causes the: (w) consumers to pay higher prices. (x) lower purchasing power for the party bearing the legal incidence. (y) workers to experience lower take home wages. (z) decreased dividends to corporate st
Adam Smith disputed that a nation’s wealth is, not the gold it possesses, but instead its: (1) Total population. (2) Capability to offer goods for its people. (3) Domestic financial capital. (4) Foreign investments. (5) Military might.
Illustrate, why is tax not a capital receipt?
How will you treat the given in estimating rational income of India? Provide reasons for your answer. (i) The value of bonus shares received by the shareholders of a company.(ii) Interest received on loan pro
Does full employment take place if AD = AS or S = I?
What happens when AD > AS past to full employment level of employment?
Explain the impact of changes in fiscal and monetary policies in curtailing inflation?
What is the alternative name of value added technique of estimating national income? The alternative name of value added technique of estimating national income is production method.
What are the components of aggregate demand (AD)? Answer: The components of AD are as follows:AD = C + I + G + (X - M) By Simplifying AD = C + I, Here C refers to Household consumption demand and I refer
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