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Use a PPF to explain the difference between actual and potential growth.
The PPF shows possible output, taking into consideration all factors of production - but de facto output is determine by a point on or within the PPF.
Actual growth means that the point moves outwards, whereas potential growth is shown by an outward shift in the PPF.
The efficiency loss of a tax is the tax revenue collected by government minus the value of the public goods financed through the tax. Why is this false?
If a person literally had “nothing else to do,” (a) What would be the opportunity cost of doing this homework?
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show this in a pie chart age = under 20|number of people = 20.90
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