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1. Nations trade what they produce in excess of their own consumption to: A) generate jobs for the domestic economy. B) earn “good will” from the World Bank. C) prevent chronic sur
What is total surplus in net gain? Total surplus in net gain: The total surplus generated into a market is the total net gain to consumers and producers through trading into
Why does a production possibilities frontier with increasing opportunity costs have a bowed-out shape? The curve is bowed-out because some resources are better suited for the
How is economics works with interaction of individual choices? Principles behind the interaction of individual choices: 1. There are gains through trade. • Specialization
WHAT ARE THE TYPES OF PROTECTIONISM IN INTERNATIONAL TRADE
Estimate the cost of expanding a planned new clinic by 20,000ft^2. The appropriate capacity exponent is 0.66, and the budget estimate for 200,000ft^2 was $15 million.
The law requires that the parties be competent to enter into a contract. Give an example of a party who lacks competence.
The circular flow of income in a simple economy where all income is consumed The operation of forces in an economy can be expressed in the form of a circular flow of incomes a
Roles of government in controlling market forces under neoclassical view
Provide an example of a decision in which you faced trade-offs, considered opportunity costs and evaluated the options by comparing the marginal benefits and the marginal costs ass
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