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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.
What is the argument of advocates of World Bank in promotion of development? Advocates of the World Bank argue: • Loans and aid alone don’t guarantee development or the
Quantitative demand for watermelons = 50-3P(wm) - 20P(hd) + 10 P(sc) + 0.001(income) P(wm) = $4.00 P(hd) = $3.00 P(sc) = $2.00 Income = $40,000 Quantity supply of watermelons = 2
Problem 1: (a) The Mauritian government is now increasingly involving the private sector in the development of the economy. How can government support effective private sector
S M Construction has been awarded a contract to build a new manufacturing plant just outside Cardiff. The activity on arrow table below gives data on the activities involved in the
essay on Localization of Industries
How is effort monitored onto a project? It is significant that the effort to be spent onto activities is reassessed on a regular basis – why is it so very important? Effort is
Consider a market for a good where there is a per unit tax set at t cents per unit sold, where the demand curve slopes downward and where supply is perfectly inelastic. Suppose the
1. Why does the quantity of salt demanded tend to be unresponsive to changes in its price?
what factors affect the volume of production in an economy
QUESTION 1 (a) Explain the relationship between scarcity, choice and opportunity cost. (b) How is choice about the use of scarce resources made in a market economy? QUES
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