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Economic growth and Economic development:
Economic Growth refers to an increase in real aggregate output (real GDP) reflected in increased real per capita income.A country is said to experience economic growth if overtime, its real output (real GDP) increases as well as its real per capita income.
Economic development is a sustainable increase in real GDP that implies increased real per capita income, better education and health as well as environmental protection, legal and institutional reforms and an efficient production and distribution system for goods and services.
Explain how unemployment could be voluntary or involuntary . Start off with a definition of the labour force and then outline the proportion of the labour force which would be
The economy, however, is facing inflationary pressures. To deal with the macroeconomic problem, the government uses expansionary fiscal policy to decrease taxes and, as an indirect
consumer surplus and elasticity of demand assumption of consumer surplus criticisms of consumer surplus consumer surplus in terms of indifference curves importance of the concept o
a. Using the data in the tables below, graph on the grid the demand and supply curves for milk, assuming that all factors other than the price of milk are held constant. Connect a
As a consumer increases the consumption of any one commodity, marginal utility of the variable commodity must eventually decline."Illustrate the statement. Illustrate law of dem
give assumption, rules/formulas and demonstrate that ramsey prices are the seconnd best pricing. explain clearly.
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT: The main function of the IBRD is of long-term capital assistance to its member-countries for their reconstruction and de
Distinction between Human Capital and Resource and Manpower Health and education are normally considered as human capital. Health includes both physical health and fitness. E
The word length should be between 1200 to 1600 words. Please submit a hard copy with a coversheet to the lecturer at the commencement of class in Week 8. Find and read the Judgm
Tariff: A tariff is a tax imposed on the purchase of imports. It is generally imposed in order to stimulate more domestic production of the product in question (rather than meeting
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