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QUESTION
Explain the meaning of classical dichotomy, neutrality of money and Walras law.
b. "In a Walrasian general equilibrium model with money as a unit of account, only relative prices can be determined" Explain.
c. Discuss Patinkin (1965) proof that a Walrasian general equilibrium model with money market leads to an invalid dichotomy and inconsistency.
d. Discuss the Patinkin (1965) solution to make the model discussed in (above c) determinate and consistent.
Is population growth a problem? Quick population growth is a main cause of poverty and arises where population growth go beyond the rate of economic growth. Standards of liv
QUESTION 1 i) Distinguish between the different kinds of concentration measures ii) Briefly describe the axioms of Hannah and Kay (1977) iii) Derive and explain the Dorfm
Most studies of firms’ long run costs have found that average costs decline as firms produce increasingly larger output levels (economies of scale), such as for automobile firms. H
What is capital accumulation? Capital accumulation simply implies an increase into a country is stock or amount of capital over time. It requires net investment, which is inve
different types of firms
QUESTION (a) "There is always an inverse relationship between price and quantity demanded of a good." Discuss. (b) Explain with appropriate diagram(s) the different factors
Draw a Supply or Demand Diagram A) Suppose that several months of data showed the CPI increasing at a 4.5% annual rate due largely to increases in the price of energy and food
how get atmosphere pollution and its solution
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What causes migration? Rural-to-urban migration is a usual LDC experience. Those are migrates within search of better SoL, those are generally younger, less risk adverse and b
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