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q level of aggregate demand in economydemand-pull inflation takes place when there is an increase in level of aggregate demand in economy aggregate
janet decides to play a game with her children jay and jill who are fraternal twins and mo each child is in their own room and cannot communicate
yuen a travelling salesman for snake oil can produce the stuff at a marginal cost of 1 there are 100 potential customers in vernon each of whom has
explain the term laissez-fairethe term laissez-faire is used to explain an economic system where the government intervene as little as possible and
what is laffer curvethe laffer curve is named after professor art laffer who suggested that as taxes enhanced from fairly low levels tax revenue
how can we calculate the inflation rateinflation the rise in general prices and the decrease in value of money inflation is a sustained
explain the human development indexintroduced by the un in 1990 the index take into account not only the goods and services formed but also the
factors of production the factors of production are the resources that are essential for production they are usually separated into 4
define the term entrepreneurship entrepreneurship an entrepreneur is an individual who takes risks and organises the factors of production
define disposable incomeand dumping disposable income the amount of income left after as deductions as income tax pension contributions and
explain the demand pull inflationdemand pull inflation occurs when aggregate demand exceeds aggregate supply if there is an excess level of
determine the cross elasticity of demandmeasures the responsiveness of demand for good a to a given change in the price of good b it is an
what is cost push inflationcost push inflation when a cost of production eg wages enhances and firms put up prices to maintain profits cost
determine the business cycle and classical economistsbusiness cycle the business cycle is the fluctuations in the rate of economic growth
define average total cost and average variable costaverage total cost the amount spent on producing every unit of output the average cost is
what is average revenue and average revenue curveaverage revenue the average revenue is the total revenue separated by the level of output it
explain monetarist and monetary policymonetarist a group of economists who believe that alters in the money supply are the most effective
demand curvethe demand curve is a graph which presents the amount of a good that consumers are willing and able to buy at various prices a normal
what are subsidies almost in all market systems government plays its role to stabilize the price of certain commodities which are of public
what is the adam smith view of invisible hand invisible hand is an unknown power which is working for the interest of total economy in any economy
what is market clearing level and public goodmarket clearing level is the price level current in the market at which consumer is willing to purchase
what is meant by non price competition in which market structure does it exist none price competition is an effort put by the supplier to earn
what is black marketing black marketing means hoarding of sure commodity to sell it at higher prices but it is an illegal activity in the economy
is it possible for a firm to be both price taker and price maker a firm can either be a price taker or a price maker it cannot be price maker and
why firm charges different prices to different consumer every firm needs to maximize its profit when goods are sold to different customers each