National Income (NI) is calculated by adjusting GDP for
depreciation
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Explain why a minimum wage is unfair
What will be an ideal response?
In the public choice (or new political economy) approach to development the emphasis is on
a. growth in the rural sector. b. the self-interested behavior of public officials. c. the dependence of LDCs on former colonial powers. d. the inherent efficiency of developing country markets.
The deadweight loss represent the sum of added consumer and producer surplus if the firm would produce the quantity where P = MC
Indicate whether the statement is true or false
Unexpectedly high inflation:
a. Is only a problem for private individuals and not for businesses or the government. b. Tends to redistribute income more than it harms the nation as a whole. c. Makes everyone worse off. d. Reduces business profitability. e. Is only a problem for the government.