Illustrate how Macroeconomics examines the economy
Illustrate how Macroeconomics examines the economy as a whole?
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1. It includes measures of total output, total employment, total income, aggregate expenditures, and the general price level.
2. It is a general overview examining the forest, not the trees.
Adam Smith known three advantages rising from divisions of labor which would lead to greater economic wealth that did not include the concept that the division of labor: (w) helps every worker refine specialized skill
Explain by giving example of an absolute advantage in production of two products?
Economic efficiency for society needs which the: (i) opportunity costs of all goods be at their lowest possible values. (ii) maximum probable benefits are acquired for given costs. (iii) greatest possible net benefits are squeezed through available re
The price of KnickKnacks is $1 and the price of WigWags has increased with $2 to $3. Therefore: (w) absolute price of KnickKnacks has decreased and the relative price of WigWags has increased. (x) relative and absolute prices of KnickKnacks have
What are the criteria of issuing stocks or bonds?
Speculation is unlike arbitrage since: (1) speculative buyers always break even. (2) speculation causes increased costs. (3) speculators bear no risk. (4) positive returns for speculators are not sure. (5) competitive speculation equa
Explain how government might manipulate its expenditures and tax revenues to reduce unemployment?
Elucidate the use of money as a medium of exchange in Market System?
Elucidate The General Agreement of Tariffs and Trade (GATT)?
Illustrate the Goals of Mixed Economy?
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