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[This is an exam style essay question, with the response being just one paragraph of multiple the student would have to write]One significant advantage to UK consumers of nationalising railway services co...

fiscal policy is the procedure by which the government attempts to increase or decrease the aggregate demand level of an economy by manipulating government spending and or tax rates, for example increase ...

Smoking, specifically tobacco, is an example of a negative externality in that it harms negatively those outside of the original transaction. For example, a person walking down a high street inhaling seco...

As the production function remains the same, the economy has a temporary increase in output, but reverts back to its original steady state as the extra capital depreciates over time. This can be illustrat...

Price elasticity of demand measures consumer's demand responsiveness to changes in price. Depending of the type of good, consumers either respond to a change in price by decreasing or increasing demand fo...