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What is the Laffer curve?

The Laffer curve shows the theoretical relationship between tax rates and tax revenues. Imagine a government charges a 0% income tax; they definitely won’t receive any money from that tax. Meanwhile, at 100%...
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Answered by Matthew D. • Economics tutor
4724 Views

What happens to the Production Possibility Frontier (PPF) when productivity only increases in one good?

We start here with an initial PPF which shows the possible combinations of apples and computers that an economy can produce with the resources it has. If a new way of creating computer chips makes the comput...
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Answered by Matthew D. • Economics tutor
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What factors cause the shifts and movements of the demand curve?

A movement along the demand curve is caused by a change in price only . If price decreases, quantity increases and demand is said to have extended or expanded. If price increases, quantity decreases and dema...
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Answered by Elliot G. • Economics tutor
31438 Views

What is GDP and is it a useful indicator to measure the standard of living?

1) GDP- is the value of all goods and services produced by the economy in a given period (year, quarter...)Quantity of goods x Price of goodsNominal GDP- measures values using current prices. (Prices of G&am...
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What are some of the sources of unemployment?

There are many causes of unemployment. First, it takes a while for workers to find a job and it takes time for firms to find adequate workers. Minimum wages can also increase unemployment. When the wage is f...
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Answered by Galman D. • Economics tutor
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