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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.
explain circular flow of income in an open economy
Q. Control of ochratoxin? Control: Once ochratoxin A has been formed in a food, it is difficult to remove by most forms of food processing. Cooking with or without previous soa
Sustainability of Current Account Deficit: Theoretically speaking, a current account deficit can be sustained as long as the growth rate of national income exceeds the rate of
The financial crisis that hit the United States first and then the world economy starting in fall 2007 meant that the future prospects of many firms looked gloomy at best for some
explain any two factors that cause the shifts in the balance of payments curve.
Neo-classical synthesis is a synthesis of classical model and Keynesian model. In brief, it states that Keynesian model is correct in the short run whereas the classical analysis i
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
What is ‘Third degree Discrimation
Summary of the Phillips curves In neo-classical synthesis, augmented Phillips curve is known as the short-run Phillips curve. It is presumed to be stable as long as expectation
(Effects of Fiscal Policy) Recently some legislators have called for tax increases to reduce the federal budget deficit. Conservatives have countered that such tax increases could
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