Economic models that assume that wages and prices adjust freely to changes in demand and supply are known as.............        models.

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A: Economics is the study of how the economy uses its limited resources. Thus, economics is the branch…

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Q: What are the important problems that constitute the subject matter of macroeconomics? Briefly…

A: Meaning of Macroeconomics: Macroeconomics refers to the study of economic problems or economic…

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A: Economic models contain many different types of variables, two of which are the Exogenous Variable…

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Q: Define trade-off in Economics

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A: Macroeconomics analyzes the economy as a whole. It studies the aggregate economic concepts such as…

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Q: What are the specific functions of Econometrics in Economics or in Agricultural Economics?

A: Econometrics is a branch of economics to deal with economic problems in advance manner.