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What are the assumptions of Lewis?
LDCs (Less Developed Countries) have two (dual) economies as:
• Rural traditional economic and social practices, which overpopulated, subsistence along with zero marginal labour productivity
• Urban: modern economic and social practices, along with high marginal labour productivity.
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using a diagram, evaluate the effect of a decrease in money supply to the equilibrium in the goods and money market
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How do economists group countries at various stages of development? There are three major forms of classifications: • IMF: Developing and industrial, transitional economi
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explain the role scarcity of resources plays in economic decision making
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