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Much of undergraduate macroeconomic theory is discussed on the assumption that, in the short run, the expectations of economic agents about the future values of macroeconomic variables are given. The rationale for this treatment of expectations in macroeconomic theory can be derived fiom Keynes' views on the nature of expectations, including his discussion in the General Theory. While Keynes' views on the nature of uncertainty and expectations form the basis for the writings of many Post-Keynesian economists, most of modern macroeconomic theory treats uncertainty and expectations in a radically different manner.
inflation and policies that are used to combat it
primary reference electrode,she
Describe the poverty cycle and suggest how a developing country can break the cycle. The poverty cycle is explained as the trap developing countries can land in; low incomes →
demand elasticity
How economic theory explain optimum pattern of consumption for an individual consumer
defin giffen goods?
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
types of elasticity of demand
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Demand for Risky Assets * Assets - Something which provides a flow of money or services to its owner. - The flow of money or services can be explicit or implicit . *
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