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Explain the effect on GDP of an expansionary monetary policy (10)

Monetary policy is the use of the interest rates to influence aggregate demand and therefore influence GDP. Interest rates are the rates at which borrowers are charged or lenders paid for their loan, they ar...
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What are the non-price determinants of demand?

These factors lead to an actual shift of the demand curveDisposable Income (normal and inferior goods)The price of other products (substitutes, complements, unrelated goods)Taste & PreferencesOther facto...
DP
Answered by Dina P. • Economics tutor
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How does the imposition of a tariff on the market for cigarettes in Italy affect its consumers and producers?

Suppose the Italian government wants to curb consumption of international cigarettes, such as Marlboro, that are imported from countries like the United States. They may implement a protectionist measure, su...
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Answered by Feo K. • Economics tutor
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How do I manage to write 4 essay/ long answer type responses within 90 minutes in Paper 1?

5 minutes reading time is essential when it comes to IB Economics, whether SL or HL. In those 5 minutes, you may not write anything, but you should start by picking out the key terms from each question and d...
MS
Answered by Meghna S. • Economics tutor
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Why do firms in a perfect competition always make normal profit in the long run?

Market structures are models used by economists to represent the conditions of the market of particular goods. The answer to the question lies in one of the assumption to be made in the model of perfect comp...
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