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simulatneous equations are solved by eliminating one of the unknowns such as x or y. there are a number of ways to do this such as substitution or subtraction/addition. For this example we will use subtra...

Command word: Explain

This means that in order to score the 5-6 marks range, a detailed response with reasons for how something will benefit for improve a particular phenomenon is necessa...

MLC states that a devaluation (in the LR) will only have a positive effect on the current account if the sum of the elasticities of demand for exports and imports is negative and numerically greater th...

1. Inflation

If inflation in the UK is relatively lower than elsewhere, then UK exports will become more competitive and there will be an increase in demand for Pound Ste...

Increasing the level of direct taxes to reduce the fiscal deficit would lead to a disincentive to work amongst the rich as they will be less willing to work overtime and more inclined to reduce working...