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An ad valorem sales tax is a percentage tax on the market price of good, normally paid for by the seller. This tax will pull the supply curve up towards the top left corner of a supply and demand curve, w...
The first key step to answering this type of IB Economics question is to define the key terms. Aggregate supply is defined as total amount of goods and services that producers of an economy are willing to...
To answer this question, it is first very important to define productive efficiency and allocative efficiency. A firm is said to be productively efficient if it produces each good at the lowest possible u...
The difference between GDP (Gross Domestic Product) and GNI (Gross National Income), lies in the distinction between the notions of ‘national’ and ‘domestic’. GDP measures all output produced within the b...
This is a common question asked in past paper 1s for both SL and HL Economics. To approach this as a 15 marker, one would first define the key terms in the question such as defining a demerit good and ind...
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