Define law of supply
Law of supply: It is the claim which, other things equivalent, the quantity supplied of a good increases whenever the price of the good increases.
The law of equivalent marginal advantage is violated when people: (1) think about paying a higher price that ensures better quality. (2) elect a general as president while war clouds threaten. (3) fail to allocate similar resources within equally valu
What stage of the business cycle is our economy experiencing at present time? proof your answer.
Imperfect information at times causes consumer’s attempts to maximize their contentment to fail since: (i) Prospects are imperfectly realized, and trial-and-error prototypes can lead to mistakes. (ii) Sellers might exploit asymmetric information
Meaning: - as mentioned above, the balance of payments is a periodic accounting of international economic transactions. Each country having regular economic transactions with other countries prepares periodically the final accounts of their foreign receipts and paymen
The Financial Account captures international fund flows due to
WHAT IS THE CHANGE IN EQUILIBRIUM gdp CAUSED BY THE ADDITION OF NET EXPORTS?
Determine the value of MPC whenever MPS is zero? Answer: Whenever MPS = 0, MPC = 1 – 0 = 1.
Describe functions of central bank? Answer: (A) Issue of currency: Central bank is the only authority for the issue of currency
Depreciation of a currency signifies fall in value of domestic currency in terms of foreign currency. Illustration: When value of rupee in terms of US dollars falls, state from Rs. 45 to Rs. 50 per dollar, it will be a condition of depreciation of Ind
"The economic cost of unemployment is measured by the GDP gap." Explain this statement. ?
18,76,764
1935367 Asked
3,689
Active Tutors
1444824
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!