Define excess demand
Excess demand: If AD > AS at the full employment level. Then it is termed as Excess demand.
Within the modern U.S. economy, there pure competition is: (w) characteristic of all resource markets. (x) rare in product markets. (y) most common for public utilities. (z) strictly regulated throguh government. I
I have a problem in economics on Craft Unions. Please help me in the following question. The craft union: (i) Is organized about a specific skill. (ii) Bargains for all the workers in a specific industry. (iii) Represents the workers, whereas an indus
State the meaning of Inflationary Gap: This refers to the amount by which the real aggregate demand exceeds the level of aggregate demand needed to establish full employment equilibrium.
Describe the Law of Diminishing marginal utility? Answer: Law of Diminishing marginal utility: As a consumer goes on consuming more and more units of a commodity th
When price changes for fresh peaches don’t modify total revenue to peach farmers, then the price elasticity of demand for peaches: (w) constant beside a linear demand curve. (x) infinity (the demand curve is horizontal). (y) uni
Suppose an economy is in equilibrium condition. Its consumption function is C = 300 +0.8Y and investment is 700 find out its national income.
When the economy was in a complete equilibrium, in that case the distribution of income would be precisely proportional to the distribution of: (a) taxation. (b) inheritance. (c) luck. (d) wealth.
Decisions are most obviously less than perfectly rational while: (1) you take a shortcut through a dark alley at 3:00 am to get home faster. (2) a brilliant student majors into art history in place of economics. (3) prisoners on death row in Texas know that tobacco ca
Explain the methodological procedure called comparative statics. What does this procedure imply regarding the nature of the consumer demand curve?
Techniques of how to produce?: Broadly, there are two main methods of production. (i) Labour intensive Technique: Under this method, production depends mostly on the
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