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Define the points of individual choices makes and interact.
A. How individuals make choices:
• Scarcity
• Opportunity cost
• Trade-offs
• Marginal analysis
B. How individual choices interact:
• Trade
• Gains from trade
• Specialization
• Equilibrium
• Efficiency and equity
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Good X is produced in a competitive market using input A. Explain what would happen to the supply of good X in each of the following situations. The price of input A decreases.
subjective questions on national income determination
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What is green GDP and How it is evaluated ?
7 people have jobs, 3 want to work but are not, and there are 20 adults. What is the participation rate?
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Determine Velocity Approach to Money Demand. The Velocity Approach to Money Demand: The velocity of money: V = (P × Y)/ M The real quantity of money demanded is pr
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