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data of past 20 years regarding price, wage, employment, productivity, investment, profit or loss.
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Problem: (a) Why is an error term added to a regression and explain its importance in the OLS procedure? (b) Suppose we have a linear equation with a constant term, one expl
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Provide an economic explanation of what you have shown in your diagram above. Iceland was a small open economy with perfect capital mobility. Consequently, the equilibrium domesti
Consider a non-renewable resource. There are two periods, now and later. The demand curve in each period (t = 1, 2) is Qt = 10 - Pt. The stock of the resource is 10 units. Extracti
economic problems are faced by all types of economies but they are dealt with differently in different types of economies.discuss
The demand for every productive resources is a derived demand. By derived demand it is meant that it is the output of the resource and not the resource itself for which is a deman
Within analysis of perfect competition, we distinguish between the short run and the long run on the basis that use of some input factors is fixed in the short run, but variable in
Problem 1: i) How might unemployment arise? ii) Critically explain how fiscal policy can be used to reduce the unemployment rate in an economy. iii) ‘'Inflation always
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