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What are the potential advantages of economic growth?
The potential advantages of growth include
• More goods and services are accessible to satisfy more want and requirements
• Higher employment permits higher wages so that poverty is decreased.
• Employees earn higher incomes for producing more goods and more services
• Raised pollution,
• Depletion of non renewable natural resources
• The advantages may be narrowly distributed to the wealthy
• Growth may be not sustainable and threaten the well being of future generations.
What is the different between price effect and sales effect? Both relate to Elasticity and Total Revenue: a. A price effect: After a price raise, all unit sold sells at a hi
5. In this question you should assume that the Marginal Propensity to Consume out of permanent income is one [i.e., no bequest motive + perfect consumption smoothing: c1, = c2 = c
Why are Economic Models uses for Trade-offs and Trade? Simplified representations of actuality a. production possibility frontier b. comparative advantage c. circular-
Q. Define Nominal wages? The nominal wage is wage per unit of time in the currency used in the country- what we usually just call wage. When we mention wage in macroeconomics w
Q. Is Household savings depend on GDP in the cross model? Household savings depends on Y since S H = Y - C - NT and C and NT both rely on Y. How it depends on Y can't be concl
What are the important tools of making decisions? Making Decisions: a. How economists model decision making through individuals and firms b. Implicit costs and Explicit-C
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