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An expansionary fiscal policy is where a government decides to decrease taxes and increase public spending. An expansionary fiscal policy will usually take place when a government is not in a relatively l...
A lump sum tax is a specific tax, it is a fixed amount charged to producers which can then be offset onto consumers. It is characterised as being the same amount of tax charged across all income levels, f...
Yes, according to the standard model of the labour market, an introduction of a minimum wage above the market clearing wage rate will cause an excess of labour in the market. This model assumes conditions...
When MR>MCThe change in total revenue as a result of increasing output by one additional unit is greater than the change in total costs.Profit can still be made so firms increase output until MR = MC a...
Inflation is a sustained increase in the general price level leading to a fall in the purchasing power or value of money. The rate of inflation is measured by the annual percentage increase in the level o...
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