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if the us government were willing to convert dollars into gold at a fixed price then dollars would be a fiat money b
q1 the poorest countries in the world have a per capita income of about 600 today we can reasonably assume that it is nearly impossible to live
to really understand it compute the following price elasticities of demandmiddot the price of a laptop increases by
2. use the quantity theory of money to explain inflation a increase in the overall level of prices. 4 points if you were a member of the
1 why does the adoption of keynesian economics come out of the great depression? 1 why does the adoption of keynesian economics come out of the great
application of revealed preference approachit has been strongly argued especially by sir john hicks that one major advantage of revealed preference
application of theory of consumer behavioras already discussed earlier the theory is an important tool to interpret and analyse demand curves. apart
government and price-determination can be understood as followsthe government might intervene in the market and mandate the maximum price price
demanddemand is quantity of a good buyer who wishes to purchase at each conceivable price.the law of demand explains us that if the price of certain
goods market and factors marketgoods market is the market where goods are bought and sold for the
shortage surplus and price mechanisma shortage is the situation in which the demand exceeds supply which means producers are unable to meet the
in the view of above complications there is a long-standing debate on whether the fiscal policy should be active or passive in nature. note that in
financing of fiscal deficitsince the size of balanced budget of the multiplier is small it is not for all time possible to get the needed demand
the tax-adjusted multiplier and the balanced budget multiplier are explained belowtaxes act as drag on the multiplier effect of government
expenditures and the effects of fiscal policy are stated as followshaving finished the discussion on the tax policy and taxation now letrsquos us
types of taxes which a government can impose on the citizens are as followswith the theory of taxation covered we can now move towards the actual
the concept of taxation is explained belowtaxes are the general purpose compulsory contributions by people to the public treasury or national
fiscal policy is the program of governmentrsquos with respect to the amount and composition of i expenditure the purchase of commodities and services
neo-classical thinking on growthneo-classical thinking on growth is owed to the robert solow whose exogenous
the four big macroeconomic issues and their inter-relationships 1. link between growthdevelopment and the various factors of production of the
the concept of growth and growth rate is explained beloweconomic growth is rise in an economyrsquos level of the production of commodities output or
c1000.8yd g100 t0.25y x150 m0.25yd 1 what is the level of equilibrium national income? 2 estimate the budget surplus or
instructions for the following 10 questions consider an economy which is initially in equilibrium without a tax with p of 90
what is okuns law ? in economics study okuns law also named after arthur melvin okun is an empirically observed relationship relating among
Question, 1a. (i) If there was no item in the economy widely accepted in return for goods and services, how would transactions be made? How efficient would such a system be? (ii) What is the diff