Define cyclical fluctuations
Define cyclical fluctuations?
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Durable goods output is more unstable than non-durables and services because spending on latter usually cannot be postponed.
Illustrate Professional and personal applications?
Explain how government might manipulate its expenditures and tax revenues to reduce unemployment?
Illustrate the term Economic Rationale?
Explain how, if at all, each of the following affects the location of the production possibilities curve?
The Wealth of Nations that a pioneering survey of economic treated was published within: (1) 1849 year, and written by Karl Marx. (2) 1936 year, and written by John Maynard Keynes. (3) 1776 year, and written by Adam Smith. (4) 141 BC,
Explain producers in an industry are receiving pure or economic profits?
How will the system accommodate change?
If the price of a good is given, how does a consumer choose/decide as to how much of that good to purchase?
Elucidate an example of simultaneous changes in both supply and demand?
How do you account for the dominant role of corporations in the U.S. economy?
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