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1. An unemployed individual decides to spend the day fishing. The opportunity cost of fishing is equal to
A) The cost of bait and any other monetary expenses.
B) Zero, because the person doesn't have a job.
C) The cost of bait, any other monetary expenses, and the value of the individual's wages while he was working.
D) The cost of bait, any other monetary expenses, and the value of the best alternative use of the individual's time.
Define the term - Productivity Productivity is the concept which measures how outputs can be maximised from given inputs. In factories labour productivity is normally calculate
What is the difference between heckscher_olin theory and comparative theory
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what is static and dynamic multiplier in keynesian theory?
Neo-classical synthesis is a synthesis of classical model and Keynesian model. In brief, it states that Keynesian model is correct in the short run whereas the classical analysis i
The events X and Y are mutually exclusive. Suppose P(X)=.05 and P(Y) =.02. What is the probability of either X or Y occurring? What is not probability of X nor Y happens?
What is money wage rate While the money wage rate or nominal wage rate is the hourly wage rate calculated in money that a worker receives for supplying labour, the real wage r
Use the points on the graph below to answer the following questions. i) What is Ep along D1 (from A to B)? ii) What is the Ep along D2 (from X to Y)? iii) What are
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The entire market is capture by a single firm which can produce at a constant average and marginal cost of AC = MC = 10. The firm faces a market demand curve given by Q = 60 ? P.
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