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what are expansionary and contractionary effects expansionary effect refers to the effect of raising the equilibrium level of national income for
what is meant by minimum wage the minimum wage is the minimum rate a worker can legally be paid usually per hour as opposed to wages that are
define injections and withdrawals the inflows in circular flow of income are known as injections investment government spending and exports
what is return on investment return on investment is the profit earned by investing in some business or some project for instance investment in
differentiate between real and nominal variables in economics the distinction among nominal and real numbers is often made nominal variables --
what is the difference between price value and price level price value is the value of commodity bought by the consumer at a certain price from
what is the difference between gdp and gnp gross domestic product gdp is the value of the total final output formed inside a country during a
what factors shift the aggregate demand curve to right and what factors shift the ad curve to left ad shifts to the right when any component of
what is game theory game theory is a mathematical method of decision-making in which a competitive situation is examined to verify the optimal
differentiate between firm and industry a firm is a business unit produced for the purpose of carrying out some kind of trading activity the term
why does a monopoly have no supply curve a supply curve is a curve that shows the quantity supplied at dissimilar prices as a monopoly sets the
how elasticity is always referred to as a positive value even though it can be negative in economics elasticity is measures of the incremental
what are the determinants of income elasticity of demand there are three determinants of income elasticity of demand these are degree of necessity
what is ceteris paribus ceteris paribus is a latin phrase literally translated as other things the similar and usually rendered in english as all
what is the difference between a change in demand and a change the quantity demanded there is a distinction among demand and quantity demanded
define law of supply quantity supplied rises as price raises other things constant in other words other things being equivalent when the price of
define law of demand answer quantity demanded increases as price falls other things constant in other words other things remaining the
explain the term economic efficiency answer economic efficiency means full utilization of all available resources in economy ie to produce
what is main difference between nominal money supply and real money supply real money supply is the supply of real money in the economy real money
how do we evaluate the value of moneysupply and demand verifies the value of a currency if demand is high the value rises and vice versa factors that
differentiate between nominal and real exchange rate nominal exchange rate is the rate which actually prevails in the foreign swap market the real
why government cannot print new currency to pay the debts when there is deficiency of internal resources then government borrow government can
is the terms of trade tot explained as the ratio of the value of exports to the value of imports how does the tot relate to the exchange ratethe
what should be the decentappropriate growth rate in any country answer a growth rate of among 2-3 is considered normal for mature
why is it considered well to bring all bops to zero if bop of any country is zero it reflects that the present account of that country has