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Explain the importance of well-established property rights in the method of development.
Definition of property rights should not begin and end with owning land and buildings but have a much wider scope. Property rights encompass also the use of land/buildings in accordance with contractual rents - and also any resulting output resulting from economic activity. Property rights enable households and entrepreneurs to borrow against both existing ownership deeds (to land or capital) and also future gains like output and profits. Lack of property rights serve to keep poorer households powerless and also act as a disincentive to improve use of land and capital.
In a small rural town, 150 people would like to be employed (this is the supply of labor). In order to make profits, capitalists hire some of these workers to produce grain. Those
Mercantilism:It is an economic theory from pre-capitalist times which held that a country's prosperity depended on its ability to produce large and persistent surpluses in its fore
Explanation of the Break in Trend: An economy can grow in three different ways or all three ways may work simultaneously: 1) Horizontally, i.e., it may go on producing m
(a) What is meant by heteroscedasticity and what are the consequences of applying OLS estimation in its presence? (b) Explain in details the Generalised least Square procedure
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Problem: (a) Why is an error term added to a regression and explain its importance in the OLS procedure? (b) Suppose we have a linear equation with a constant term, one expl
The demand schedule for computer chips is given in the table. Price (dollars per chip) Quantity demanded(millions of chips per year) 200
determinate equilibrium price and quantity. if Qd=7-1/2p AND Qs=1/4P-1/2
what is fixed and variable inputs with more explanation
who propounded the pure international theory of trade?
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