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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.
Why might external economies of scale be of interest to developing countries?
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Q. State the Marginal Productivity Theory. What are its features and assumption? Marginal Productivity Theory of distribution states that in a capitalist economy the demand for
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what is stagflation
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