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State in brief the Nominal wage level
In macroeconomics, we are generally not interested in the wage for a specific individual though in the average wage for all employed individuals. This average is known as wage level but as we typically only care about wage level, we will almost always use wage when we actually mean the wage level. Hence a statement like "wages increase" must not be interpreted as all wages increasing but instead that average is increasing.
how to work out National Income?
if a 10% decrease in the price of product A brings about a 3% increase in the sales of product B, then a. product A and B are complementary b. the cross elasticity of demand
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Ask question #impotance of capital output ratio#
Explain demand management of Keynesian economists The demand management of Keynesian economists of 50's and 60's is attacked by free-marketers for ignoring the importance of s
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what is national income
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