In economics a model is a theoretical construct that represents economic processes by a set of variables and a set of logical and/ or quantitative relationships between them. The economic model is a simplified framework designed to illustrate complex processes, often but not…
Download file to see previous pages...
g reasoned arguments to politically justify economic policy at the national level to explain and influence company strategy at the level of the firm, or to provide intelligent advice for household economic decisions at the level of household.
Opportunity cost is about the value of forgone production and these increases as the quantity of a good produced increase. The rationale here is that the law of increasing opportunity cost is fundamental to the production and supply of goods. In general, as the economy increases the quantity supplied of a good the opportunity cost increases. And if cost is higher, then sellers need a higher price, resulting in the law of supply.
Q4a.When the population becomes more educated with time as the number of high school drop outs falls and the number of college graduates rises, generally it will affect positively the country’s production. This no doubt brings about the development of a key and the principal factor of production which is the human resource.
Q4b. When the unemployment rate declines by 8 to 6 percent of the labour force this means that the income and demand levels of the labour force will increase by 2% assuming that other things remain constant. This effectively means that production will increase to cater for this new demand.
Q4c. Businesses and government are unable to solve a major computer problem, thus reducing economic efficiency and national output. What this means is that technical efficiencies will go down the drain adversely affecting production levels. In this scenario we expect mega decrease in production hence economic decline.
Q4d. Advances in telecommunications and new technology significantly contribute to economic growth over time. This will boost technical, communication and service efficiencies and thus indeed motivate companies to increase their production to impressive levels. In the final analysis, it will spur economic growth leading to a major boom.
Q4e. The Federal government decides to
...Download file to see next pagesRead More
Cite this document
(“Short answers Assignment Example | Topics and Well Written Essays - 750 words”, n.d.)
Retrieved from https://studentshare.org/macro-microeconomics/1580951-short-answers
(Short Answers Assignment Example | Topics and Well Written Essays - 750 Words)
“Short Answers Assignment Example | Topics and Well Written Essays - 750 Words”, n.d. https://studentshare.org/macro-microeconomics/1580951-short-answers.
Which seem to be the true story? Rashomon not only celebrates but also annihilates perception point. One may call it early postmodernism or late cubism, in the 20th C post-apocalyptic scenery. The amazing issue of the story told is that it is more of a pure cinema.
Higher density means less surface area per bit. Less surface area per bit means less mass of coercible material. Less coercible mass means reduced ability to hold a charge high enough to be reliably read and to allow for magnetic leakage, decay, and other destructive factors.
Rudi Volti, writer, also vastly covered the relationships among technologies, rationality, and progress. In his 1988 book “Society and Technological Change”, Volti asserts that through the rational incorporation
In converting an ordinary number to scientific notation, I would ask my 11-year-old neighbour to recall the basic concept of place values. At this point, he or she would be reminded of the designation of each digit
Lack of democracy is the primary political problem facing developing countries. Many of these countries have experienced leadership coups (Ambrosio, 2009). The coup leaders plunder the wealth of these developing countries through
Specifies the current work time duties. Where is the job to be carried out? Specifies the place for performance. How does the employee carry out the task? The resources are available. What qualifications are needed for the task? Answers on the
Pain can be classified into two types acute or chronic. Acute pain can start suddenly and is generally severe. It can be interpreted to indicate that the human body is being affected by a disease or some other threat. The
rences in societies are due to the differences in influences experienced by society based on natural predispositions such as climate, soil fertility and the position of a continent.
Even as Metternich believes the monarch to be the basis of governments, he adds that this basis
Apart from other living organisms, human beings are different in terms of the reasoning that we have. Thus, I agree with the account of Sager (2013) since people differ in their reasons for engaging in a certain type of activity. As subjective as the people are, the
This is to say that Taylor advocates the role of narrative identity with the personal interpretations of how valuable a reader considers his/her ethical standards. In order to sustain one’s identity, narrative and ethical
1 Pages(250 words)Assignment
GOT A TRICKY QUESTION? RECEIVE AN ANSWER FROM STUDENTS LIKE YOU!
Let us find you another Assignment on topic Short answers for FREE!