MACRO ECONOMICS Classical Dichotomy The classical dichotomy is rooted in the understanding that in the long run‚ real output is determined by “real” inputs such as labour‚ capital‚ natural resources and TFP‚ but not money. This means that changes in the money supply determine changes in the price level over time‚ but not real output. However‚ it is important to remember that the classical dichotomy applies only in the long run. Almost all economists would agree that money and price can have very
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Which of the following is the best definition of economics? the study of how individuals and societies choose to use the scarce resources that nature and previous generations have provided Opportunity cost is that which we forgo‚ or give up‚ when we make a choice or a decision. The reason that opportunity costs arise is that resources are scarce. If your tuition is $5‚000 this semester‚ your books cost $600‚ you can only work 20 rather than 40 hours per week during the 15
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The short story Everyday Use by Alice Walker differentiates between a fake and a real heritage. To illustrate her point she uses one family consisting of a mother and her two daughters and the way each of them views their ancestry and heritage. Through the behavior of these three people Walker is able to clearly show the little things that separate a real heritage from the assumed fake mask. During the time of many positive changes to the lives of black people across the America‚ the author illustrates
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External love is praised fiercely by various kinds of media in everyday life‚ like most popular songs are about external love‚ they describe the beauty and pain of love which may attract more people to have a experience of it‚ hence having a relationship with someone are regarded as the ideal or hope. Influenced by this idea‚ I have two love experiences with girls and I will choose the eternal love as the topic of this project. In this project‚ first‚ I will show my two lovely experiences and critically
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Definition: In economics‚ production is the act of creating output‚ a good or service which has value and contributes to the utility of individuals.[1] The act may or may not include factors of production other than labor. Any effort directed toward the realization of a desired product or service is a "productive" effort and the performance of such act is production. The relation between the amount of inputs used in production and the resulting amount of output is called the production function
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-1Ashley Coots Eng121S1 “Everyday Lessons From a Dad.” I may not know everything about a car‚ but I have learned quite a bit from my father. Everyday lessons from dad always help in any situation‚ especially when you are the girl that walks into the mechanics station‚ and your looked at like you know absolutely nothing‚ and sadly‚ most of the time‚ you get taking advantage of. The purpose of this essay is to share my experience of changing brake pads‚ by giving a step-by-step guide.
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Learning activity 2 ch 3-U2 1. When do we consider two commodities to be complements or substitutes? It is considered both products and services as a substitute or complementary when the price of goods purchased gets increased to such a level that the consumer purchasing power will be affected less looking for a good price that is similar or lower the purchase quantities where his purchasing power allows. 2. What must be true for a good to be normal and a necessity? To be a normal product
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Argos and Littlewoods Price Fixing Arrangement 1. The oligopolistic features of the toy market are that there are two dominant retailers that dominate the market. There is a significance of advertising‚ such as them trying to dominant the price of their products. Lastly‚ there are no barriers to entry. These two firms have cost advantages due to the expansion of the company. In a perfectly competitive environment Hasbro‚ Argos‚ and Littlewoods wouldn’t have been able to have a price-fixing agreement
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As defined in the Bills of Exchange Ordinance Act No.25 of 1927‚ a Bill of Exchange is an unconditional order in writing‚ addressed by one person to another‚ signed by the person giving it‚ requiring the person to whom it is addressed to pay on demand‚ or at a fixed or determinable future time‚ a sum certain in money to or to the order of a specified person‚ or to bearer. There are five important parties of a bill of exchange; • Drawer: The drawer is the person who has issued the bill. In an
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1. Purpose of the case study 2. Discussion (here you can incorporate the answers to the questions) 1. Describe the market for telephony services prior to the enactment of the 1996 Telecommunication Act in Germany. Why is it unlikely that DT would face new competition in the market for retail fixed-line telecommunication services prior to 1996? 2. In what forms could local-level wholesale access to DT’s fixed-telephone network take? Describe the price structure for wholesale access to
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