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EC4006 2425 (T2) Fundamentals of Economics (OC)
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Present spending would not significantly change given a current one off wage bonus according to the:
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The number of people who are looking for work but not yet willing to accept work at the given real wage rate is measured by:
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Lower interest rates are likely to lead to:
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For an economy to be in equilibrium:
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The extra satisfaction from consuming another unit of a product is called the _______.
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If aggregate demand is lower than the level required for full employment, this means there is a gap.
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The maximum output the economy can produce with all its resource employed is called employment.
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The overall welfare of society is measured by surplus.
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The price elasticity of demand for a firm in perfect competition has a value of .
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If aggregate supply is totally price inelastic an increase in aggregate demand will affect output and not price.
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