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What are the characteristics of growth in developed countries? Simon Kuznets specified some characteristics for all DCs (developed countries) as illustrated below: • Gross
How can be comparative advantage improved? Comparative advantage can be gained or improved through: • Investment during the education and also in training • Investment wi
Explain about the characteristics required in a risk owner. To be effective within their role, a risk owner’ requirements are as follows: a. Adequate information regarding a
S M Construction has been awarded a contract to build a new manufacturing plant just outside Cardiff. The activity on arrow table below gives data on the activities involved in the
What are the implications of the sustainability in economic growth? Implications of the sustainability in economic growth: Moving in the direction of sustainable development
What is the Infant Industry argument? Several governments seek to protect involving industries by premature competition. Infant industries have potential comparative benefit b
Suppose an oligopoly consists of three identical firms. Industry demand is P = 100 - 2Q and MC = AC = 20. What is the Cournot–Nash equilibrium output in this industry
In brief, the price of anything is based on comparative benefit. If Adam makes clocks better and cheaper than Bill, all clock production should go to Adam.
Define how quality control can be applied to a subcontractor’s work. Quality control of a subcontractor’s work begins along with a clear, detailed and precise requirement of th
What is the Monterrey Consensus? The World Bank estimates aid should increase by $50bn to resource the main aim of the Millennium Development Goals: containing the number of p
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