Explanation

The biggest challenge for Pakistan's economy in 2022-23 was the rising inflation, which can significantly impact the purchasing power of citizens and overall economic stability.

Explanation

• The standard deviation of a data set tells us the average distance from the mean.
• It measures the dispersion or spread of the data points around the mean of the data set.

Explanation

The oligopoly model concerned with the maximization of joint profit is the collusive model.

Explanation

• Acceleration is not typically considered a part of the business cycle.
• The parts of the business cycle are usually identified as expansion (or boom), peak, recession (or slump), trough, and recovery.
  

Explanation

The primary objective of a central bank's monetary policy is achieving price stability and controlling inflation.

Explanation

If the household consumes along the budget constraint where MUx/Px > MUy/Py then assuming normal preferences, we are sure that the household could increase its total utility by consuming more of X and less of Y.

Explanation

Ubiquitous means ہر جگہ موجود

Scarce means قلیل

Explanation

Total revenue equals price times quantity.

Explanation

• According to the classical money theory, money is purely nominal. That is, changes in money supply will have only affect the price levels, but not the real output. Specifically, according to the quantity theory of money, we have:
• real output * price level = money supply * money velocity
• Holding money velocity constant, a reduction in money supply will reduce the price level proportionately, but has no effect on real output.
• Quantity Theory of Money: The quantity theory of money states that the product of real output and price level is equal to the product of money supply and money velocity. This theory is based on a simple equilibrium condition for the money market.

Explanation

If demand function for good X is given by X^D = 1500-1.3P,-1.8P + 2M then we know that goods X and Y are complements to each other.