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Q. Definition of Money?
Before talking over macroeconomic models we should define what we mean by money. Money has aninteresting and long history and an understanding of how we came to use money is useful for any macroeconomist. Unfortunately, there isn't enough space to explain how money was 'invented' and how it evolved over time. There are, though, many excellent descriptions on Internet.
'Money' in economics is in fact not as simple to understand as you may think and many use the term money in a way inconsistent with how it's described in economics. Money is defined as any token or commodity which is generally accepted as payment of goods and services.
what would be effect of fiscal and monetry policy on price and output level if meges are flexible and rigied?
Researchers have put forth various theories to explain the observed widening of the income distribution in the United States over the past four decades. First, there has been a sh
developing countries benefit through international trade from developed countries
Assume that there are only two inputs (labor and natural resources) producing two goods (movies and gasoline) with no improvement in society's technology over time. Further, assume
Marginal Propensity to consume or known as (MPC) relates to a change in net or total consumption expenditure to a change in the total disposable income. Symbolically it is writt
factor for long run trend of term of trade
suppose that a persons wealth is kshs. 50,000 and her yearly income is kshs. 60,000. suppose further that her money demand function is given by Md = y(0.35-i) where i= interest
using the fisher equation what can you infer about expected inflation in canada and in the united states?
Q. Define Nominal wages? The nominal wage is wage per unit of time in the currency used in the country- what we usually just call wage. When we mention wage in macroeconomics w
Q. Describe Supply and demand in macroeconomics? In microeconomics, we are careful to distinguish between demand, supply and observed quantity. The first two are hypothetical c
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