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· Definition and examples of different types of monopoly.I.e. pure, natural, and local monopolies.High barriers to entry&exit / price-makers.· Definition of perfect competition.Many buye...
(Context - a graph is provided showing unemployment falling by around 3%).As unemployment fell by 3% between 2013 and 2015, there will be an increase in money in the circular flow of income as more people...
The Phillips Curve depicts the relationship between unemployment and inflation. Suppose the government pursues an expansionary policy (e.g. lower interest rates). Using the classical model of aggregate de...
Firstly, it’s important to look at the breakdown of a 15-mark question – 3 Knowledge, 3 Application, 3 analysis and 6 evaluation marks. This will act as a guide to ensure you achieve the maximum number of...
Multiplier = 1/sum of leakages = 1/(0.17+0.23+0.4)= 1/0.8 = 1.25Government increases spending by £300 million. Therefore, the change in national income = 1.25 x £300 = £375 million
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