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Low levels of productivity:
In addition to low standards of living, developing countries are characterized by relatively low levels of labour productivity. Throughout the developing world, levels of labour productivity (output per worker) are extremely low compared with those in developed countries. In crop production, rural small-scale farmers form the majority of the producers. Their productivity level is low due to the use of rudimentary tools (such as hoes, cutlasses and sticks) and simple and outmoded technology.
Demand Pull Inflation and Cost-Push Inflation: Demand Pull Inflation: It describes a sustained increase in the general price level that is caused by a permanent increase in n
Government Policy Business Cycle Business cycles create instability in the economy. The period of boom or rising business activities is characterised by increase in output, emp
a. Referring to the table below and using the "Rule of 70," comment on long-term changes in the standard of living in the United States? b. Would you rather live in the Unite
discuss how economic theory explains the optimum pattern of consumption of an individual consumer
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Draw a Production Possibilities Frontier with consumer goods on the vertical axis and capital goods on the horizontal axis. Show how the PPF will shift if the production of capita
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Q. Defien Hyper - Inflation? Hyper-Inflation:It's a situation of extremely rapid inflation (reaching 100% per year or more), frequently resulting from a condition of political
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