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Labour Supply:Total number of workers available and willing to work in a paid position; generally measured by the labour force(even though the labour force usually excludes many workers who don't officially qualify as ‘actively' seeking work though who can nevertheless be mobilized into employment if necessary).
Explain consumer sovereignty and why it might not be that extensive in real life. Explanation of consumer sovereignty Use of S/D model to show how changes in consumption pat
When does deadweight loss occur to society? Applying consumer and producer surplus the efficiency costs of a tax: A tax causes a deadweight loss to society, since less the g
Tariff: A tariff is a tax imposed on the purchase of imports. It is generally imposed in order to stimulate more domestic production of the product in question (rather than meeting
Returns from Education Monetary benefits from education are called as returns. Such benefits accruing to an individual are called as private returns. The sum of all private re
What should be the decent/appropriate growth rate in any country? Answer: A growth rate of among 2-3% is considered normal for mature developed countries; for LICs, 5-7% is
nm utility index
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What currency was used in the 1700s? Ans) this is depends on the country. Most currencies, though, were based on gold and silver. In America, in the 13 colonies, tobacco wa
1. What are the uses of elasticity to the public sector and private sector? (20 marks)
Export Entrepreneurship: This need be developed by providing necessary facilities and making export an attractive and profitable business proposition. In this connection, it
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