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what are the comparative benefitthe idea of comparative benefit defines that a nation must specialise in the industries in which it has a comparative
what is gross national income per capitathe absolute difference in gross national income per capita is 29828 ppp that means uk income per capita is
macroeconomic policy macroeconomic policy trade-offs are likely along the short-run phillips curve however are not maintainable in the long run in
define the fisher equationfisher equation ismoney supply stock of money x velocity of circulation of money price level x total transactions in the
what is cost-push inflationcost-push inflation takes place when costs of production increase causing short-run aggregate supply curve to shift to
differentiate between actual and potential output actual output is that level which economy in fact produces in contrast potential output is the
what is the difference between quantity supplied and supply there is a distinction among supply and quantity supplied supply explains the behavior
why does a production possibilities frontier with increasing opportunity costs have a bowed-out shape the curve is bowed-out because some
define the consumer prices indexevery month the office for national statistics ons collects information on about 120000 prices for a shopping basket
steps to real wage rates to fallwage stickiness or wage inflexibility may stop the real wage rate falling to the full-employment wage rate stickiness
what is money wage rate while the money wage rate or nominal wage rate is the hourly wage rate calculated in money that a worker receives for
consumer prices index two economic indices learnt at as are the consumer prices index cpi and the retail prices index rpi both are used to calculate
state the term national income statisticsnational income statistics underestimate the true level of economic activity and as peoples living standards
determine the gross domestic product gross domestic product is the total value of an economys domestic output of goods and services gross national
how growth are improved living standardsthe two main benefits of growth are improved living standards and technological advancement as an economy
what are the two main costs of economic growth the two main costs of economic growth are resource depletion and environmental damage economic
define demand-side growth first demand-side growth is caused by a change in one of the components of aggregate demand if any of the components
what is gross domestic producteconomic growth is most commonly calculated in terms of the annual percentage rate of change in real gross domestic
explain about economys growth rateeconomys growth rate long-term economic growth or tendency growth is the rate of growth the economy can sustain
explain the facts or economics rate boom the period leading up to the peak of the cycle when an overheating economy is experiencing high gdp growth
explain about economic cyclethe economic cycle is a period of approximately 6 or 7 years in which the economy completes a cycle of downturn recovery
the product market zcig cabyd iioi1y-i2i equilibrium condition yz where y represents output and z is aggregate
explain which of the two strategies is most likely to lead to developmentempirically it seems rather evident that export-orientation has been more
explain the difference among a floating and managed exchange ratethe key distinction here is that a floating exchange rate is set by market forces ie
explain the difference between productive and allocative economic efficiency explanation of productive efficiency eg output at ac minimum define to