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Q. Describe Wages and income?
Remember that by wage we characteristically mean what you receive for working one hour, whereas income is the total revenue from all sources over a longer time period (for instance a month). Your income relies on the wage though also on the number of hours you work. An individual may have a very high wage however a low income (say $1000 per hour though only working 1 hour per month) or a low wage however a high income (for instance by owning stocks or bonds). Don't confuse wage with income.
In order to encourage you to take interests in the current affairs in business, and have more concerns about the real world problems (which is what economics is about), you are req
Q. Show the components of GDP? The circular flow - simple version We have defined GDP, gross domestic product, as the market value of all finished service and goods produced
Suppose that quantity demand falls by 30% as a result of a 5% increase in price. What would be the price elasticity of demand for this good?
Suppose you are dealt two cards from a standard deck of playing cards. a) What is the probability of being dealt a pair of aces? b) There are 13 possible pairs possible (Aces throu
Note and explain the identification problem associated with the following statement. "During Bill Clinton's presidency the US economy saw unusually strong economic growth; thus, Mr
Using a flexible exchange rate system with imperfect capital mobility explain the impact that an open economy has on the effectiveness of monetary and fiscal policy. 2. Using a fl
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What will happen to the shape of the money demand curve if the checking accounts bear interest? will it still slope down if the interest of the checking account is fixed while the
What would happen to the US market of new homes, if Bank of America raises interest rates, from 1% to 3%?
Despite the economic progress that the U.S. has observed in the past century, the standard of living remains extremely low in many countries. Why are some countries relatively weal
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