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1. (a) Explain circular flow diagram. (b) Explain the principle that a country's standard of living depends on its ability to produce goods and
1. (a) Explain circular flow diagram. (b) Explain the principle that a country's standard of living depends on its ability to produce goods and services. (c)Do you agree with the principle 'Rational people think at margin"? Why?
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Answer The circular flow of income or circular flow is a model of the economy in which the major exc...
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Statistics For Business And Economics
Authors: James T. McClave, P. George Benson, Terry T Sincich
12th Edition
032182623X, 978-0134189888, 134189884, 978-0321826237
