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Define the term- Wages and income
Remember that by wage we mainly mean what you receive for working one hour, whereas income is the total revenue from all sources over a longer time period (like a month). Your income relies on the wage however also on number of hours you work. An individual may have a very high wage though a low income (say $1000 per hour but only working 1 hour per month) or a low wage however a high income (for instance by owning stocks or bonds). Do not confuse wage with income.
What is the different between price effect and sales effect? Both relate to Elasticity and Total Revenue: a. A price effect: After a price raise, all unit sold sells at a hi
When is a balanced budget presented?
NATIONAL INCOME STATISTICS
If the U.S. government were willing to convert dollars into gold at a fixed price, then dollars would be a. fiat money. b. commodity money. c. bank money. d. both fiat and
Economic Growth Cyclic Fluctuations At this stage, it is useful for us to understand the difference between economic growth and cyclical fluctuations. Economic Growth Econo
Suppose the demand for guitars in State College is given by Qd = 9000 - 12P where Qd is the quantity demanded, and P is the price of guitars. Also, suppose the supply of guitars is
1. Suppose that the supply curve for school-teachers is LS = 20,000 + 350W, and the demand curve for schoolteachers is LD = 100,000 - 150W, where L = the number of teachers and W =
uses of national income statistics..
What are UN Millennium Development Goals? The UN Millennium Development Goals (MDGs): These are a set of objectives shared through the IMF, the OECD and the World Bank (WB)
Question 1: (a) Outline the three main methods of recruitment. (b) Discuss the advantages & disadvantages of any one method mentioned above.
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