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What do you mean by Gross Domestic Product?
Gross Domestic Product (GDP):
It measures the value of economic activity which is output produced, into the geographical boundaries of a country in a specified period of time, generally one year. Gross Domestic Product involves the value of products made in this country through overseas-owned business.
Norms influence behavior conformity among group members. What factors will influence group members to conform to a group's norms, and when will members remain independent? Do indiv
Consider the market for the trusty widget (the most common good in the world if economics textbooks are to be believed). Assume that the market is perfectly competitive. Suppose th
Macro Economics 1. How was the Classical Theory of interest role criticized by Keynes? 2. Illustrate the barter system that was used in early times in lieu of money. 3.
what is the difference between demand and supply?
A biologist working in the Outback of Australia is studying the effects of land-use by tourists (campers, fishers, etc.) on vegetation cover in a river gorge of the outback. There
What are the best criteria to select peers for a country ?
During the past five decades, there has been a shift in the composition of the federal budget toward more spending on income transfers and health care and a smaller share for natio
how can a central bank diminish inflation
Q. Production function and Growth? From the simple production function Y = f(L, K), we can classify three sources of growth: An increase in L. An increase in K.
Why is private property, and theand the protection of property rights , so critical to the success of the market system ? How do property rights encourage cooperation?
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