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What are factor endowment implications?
Implications of factor endowment:
• Less Developed Countries to specialise and export labour intensive goods, agriculture or commodities. Conversely labour intensive goods have low value added therefore low wages while agriculture goods have low YED and PED
• Enhancing the productivity of factor inputs by better knowledge, skill and training generates growth thus development.
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General Agreement on T arif fs and Trade (GATT) A multilateral treaty, the basic goals of which are: (1) to liberalize and promote world trade via multilatera
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Graph the Demand and Supply Curve Given below are the demand schedule and supply schedule for china plates. Graph the demand and supply curve on one graph and determine equili
Consider the economy (above) again where the following set of stocks is traded: x 1 =(2,2,0) x 2 =(1,0,3) x 3 =(0,2,4) for the prices (p 1 , p 2 , p 3 )=(1, 1, 1).
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causes of exceptional supply curve
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