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Determine The Rule of Divergence in General
Though even if attention is confined to non-communist-ruled economies there still has been huge divergence in relative output per worker levels over the past hundred years. Since 1870 ratio of richest to poorest economies has increased six fold. Back in 1870 two-thirds of all countries had GDP per capital levels between 60 and 160 percent of the average. Today the range which holds two-thirds of all countries extends from 35 to 280 percent of the average.
How to find quantity supplied given just the price
Consider the model of corruption explored by Shleifer and Vishni’s where there is one government-produced good X. There is a demand for that good described by the inverse demand eq
solution of central problem of an economy
My current car gets 10 miles to the gallon and no resale value, but it will last 5 years for sure. I can always buy a new car for 8000 dollars that gets 20 miles to the gallon. A g
disadvantages of monopsony
Consider a hypothetical ABC economy in which the narrowly-defined measure of the money supply (M1), as defined in the Canadian sense, in existence is 1250$ million. Assuming the e
Economic Reforms and Infrastructure Growth Infrastructure data for the pre-reform period (1980-81 to 1990-91) is with1980-81 as base year and for post-reform period (1993-94 t
What are the basic questions to be answered by economic institution? Four fundamental questions should be answered by any economic institution as: a. What goods and services
Functions
Explain how the price system eliminates a shortage. A deficiency means that quantity demanded is greater as compared to quantity supplied. This will lead to upward pressure on pr
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