Production possibilities curve is a graphical representation
How a production possibilities curve is a graphical representation of choices?
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1. Points on the curve represent maximum possible combinations of robots and pizza given resources and technology.
2. Points inside the curve represent underemployment or unemployment.
3. Points outside the curve are unattainable at present.
Elucidate the various trade which enacted by governments?
Briefly describe cost of equity shares? And also write down way to evaluate the cost of equity shares?
Explain: “Exchange is the necessary consequence of specialization.”
Not between exact activities for government to undertake, according to Adam Smith, would be for the government to: (1) maintain public institutions and public works. (2) protect society by invasion. (3) serves as a medium for law and justice. (4) regu
Briefly state the pros and cons of Proprietorship?
Using a random sample of 670 individuals for the population of people in the workforce in 1976, we want to estimate the impact of education on wages. Let wage denote hourly wage in 1976 U.S. dollars and let educ denote years of schooling. We obtain the following OLS regression line: wage = -0.54
The theory of pricing for particular goods explained in Adam Smith’s Wealth of Nations is most consistent along with: (1) mercantilist doctrine. (2) Richard Cantillon’s distinction between “value in
Double coincidence of wants: This means that one person's wishing to buy and sell should coincide with another person’s wish to buy and sell.
Explain the foundation of economics where society’s material wants are unlimited?
Assume that the equilibrium price within a perfectly competitive industry is $15 and a firm into the industry charges $21 there. Which of the given will occur: w) the firm's profits will rise. x) The firm's revenue will rise. y) The firm will not sell
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