Describe two kinds of efficiency Full production imply
Describe two kinds of efficiency Full production imply?
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1. Locative efficiency means that resources are used for producing the combination of goods and services most wanted by society.
Eg: instead of long-playing records producing compact discs with productive resources or computers with word processors rather than manual typewriters.
2. Productive efficiency means that least costly production techniques are used to produce wanted goods and services.
Elucidate types of unemployment?
Why an economic problem does arise? Answer: It arises due to following reasons: A) Shortage of resources. B) Alternative utilizations of resources. C) Limitless wants and limited resources.
Question: Why might it be difficult for the Fed to formally adopt inflation targeting? Would inflation targeting be a good policy for the Fed in the present economic environment? Answer:
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Describe the Euro?
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Explain by giving example of an absolute advantage in production of two products?
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