Define product market
Product market: It comprises of final services and goods.
Why is demand curve facing a monopolistically competitive firm probable to be very elastic?
Negative income tax programs attack poverty through: (w) levying heavy taxes on the poor to encourage them to work more. (x) providing transfers in kind to low income households. (y) providing cash subsidies to guarantee a minimum income to low income
In a negative income tax system, where a combining fundamental income floor with low marginal tax rates gives in: (w) reduced incentives for “voluntary poverty.” (x) higher minimal standards of living for the poor. (y) an
When a family can earn income and transfer profits of $11,500 by working full time at the minimum wage, and also $12,500 in transfer benefits without working, the family’s net gain through working is: (1) zero. (2) $12,500. (3)
Differentiate between planned and actual saving and investment. Answer: There is a big difference between (a) planned S and I and (b) Actual saving and investment.<
Widely accepted objectives for microeconomic policy comprise: (w) full employment. (x) general price stability. (y) economic development. (z) efficiency, freedom and equity. Hey friends please give your opinion for
All currency issued by central bank is its monetary liability. Explain how? Answer: The Central Bank is grateful to back the currency with assets of equivalent valu
Describe how technological advancement influence the supply of specific product.
Maureen generally drinks two glasses of Lost Horizons Cabernet Sauvignon each evening. Her demand for her preferred brand is least probable to be influenced by: (i) The bad crop of grapes lowering the quality of Lost Horizons Cabernet. (ii) Getting a $4000 annua
If the nominal wages of carpenters rose by 5 percent in the year of 2000 and the price level increased by 3 percent, then the real wages of carpenters: A) decreased by 2 percent. B) increased by 2 percent. C) increased by 3 percent. D) increased by 8 percent.
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