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This is a possible essay question for a microeconomic exam. Let's first define what a tax is - an ad valorem tax is an indirect tax based on a percentage of the sales price of a good or service. We could ...
One good way to improve your essays is to use real world examples and data to backup your arguments. For example when explaining some of the advantages of a monopoly use examples from the real world. For ...
A rise in GDP would lead to a reduction in unemployment creating jobs which will provide consumers with increased income and purchasing power and therefore increase their standard of living. If population...
It would enable UK firms to trade in foreign markets without tariffs, this is beneficial because the Uk firms would be more competitive with their goods being lower priced. It would also allow for foreign...
A buffer stock system is typically used in a market for a commodity, such as wheat, which may be vulnerable to large changes in supply. This could be due to weather for example, and it is not uncommon for...
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