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Capital formation:
Growth Economists believe that accumulation of capital is one main source of growth of an economy. Emphasis is given to the accumulation of more capital per head (machines, factories, roads etc.). It should however be noted that mere accumulation of capital will not fuel growth. Unless there are areas of investment unexploited, productive capacity cannot be increased merely by increasing the stock of capital.Capital is also only one of the many productive factors of production. If it is increased relative to other factors of production its marginal efficiency falls (MEC).Technology:
Expansion of knowledge through science and engineering that leads to new inventions and innovations in production techniques play an important role in growth. Technology can either be developed internally or can be imported from other countries.
Consider that the government tells a large monopolistic firm that maximizes profits that it has to pay a fee to the Reelect the President Committee same to one third of its total p
why risk averse consumers pay premium for insurance to convert an uncertain outcome to a certain one?
Discuss the concept of dynamic multiplier
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Economies of Scale
Explain the term Laissez-Faire The term "laissez-faire" is used to explain an economic system where the government intervene as little as possible and leave the private sector
Consider the following flow (in thousands of people) between the various labour market states in a particular month:
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If, for a specific project alternative, the discount rate equals the Internal Rate of Return, then the (discounted) Benefit Cost Ratio will equal unity (i.e., BCR=1.0). Define I
"If for a certain market, the concentration ratio CR4 (the combined market share of the 4 largest firms) is 1, its Herfindahl index is at least 0.25." Describe the given statement.
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