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(a) Distinguish between fiscal and monetary policy, giving examples where appropriate.
(b) Explain how fiscal and monetary policies might be used by a government during unemployment.
(c) Using hypothetical figures, distinguish between the theories of comparative and absolute advantage.
(d) Describe why a country might impose barriers to trade.
characteristics of microeconomics
Slope of an Iso-quant: Since along an iso-quant the level of output remains the same, if θL units of θL are substituted for K units of K, the increase in output due to θ L
characteristic of duopoly
• Production Function . The factors of production have to be combined in a particular manner to produce a certain product. Think of baking a cake which involves mixing fixed propor
1. What is the relationship between a firm's total revenue, profit and total cost? Give an example of hypothetical data and draw the curves. 2. Define economies of scale and e
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 price taker at the similar
Strong Domestic Economy: We have to realise that healthy export sector can be built up only on a strong and efficient domestic economic structure. A sound domestic economy is
#• The price of a laptop increases by 20% and there is a 40% drop in the quantity demanded. • The price of a pack of cigarettes increases by 10% and there is a 5% drop in the quan
Research has revealed the following information about the market for Thomas chocolates; the demand schedule can be represented by the equation Qd=850 @20 dollar. The supply schedul
I''m having trouble with this problem.....I must have missed the class that it was discussed in. I''m more confused with the interpreting the equations with all the Labor demand/La
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