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Balance of Payments
Perhaps the most immediate reason for bringing in protection is a balance of payment deficit. If a country had a persistent deficit in its balance of payments, it is unlikely to be able to finance these deficits from its limited reserves. If therefore becomes necessary for it adopt some form of restriction on imports (e.g. tariffs, quotas, foreign exchange restrictions) or some means of boosting its exports (e.g. export subsidies).
Characteristics of Money Over time, therefore, it became clear that for an item to act as money it must possess the following characteristics. Acceptability If
ChoppinAxe is a little Swedish firm that produces wood planks and operates in a perfectly competitive market. Each firm in the market has the following total cost function:
a. Explain why the demand for a particular brand is more elastic than the demand for all cigarettes. If Lucky Strike raised its price by 1% in 1918, was the price elast
TYPES OF UNEMPLOYMENT A person can be either in the labour force or not in the labour force of an economy. The person not included in the labour force includ
Prices of the factors of production As the prices of those factors of production used intensively by X producers rise, so do the firms' costs. This cause supply to fall as some
PROGRESSIVE TAX A progressive income tax system is one where the higher the income, the greater the proportion paid in taxes. This is effected by dividing the taxpayers' inco
distinguish between industry demand and firm demand..
The gap between theory and practise and the role of managerial economics: We have noted above that application of theories to the process of business decision making contributes a
NORMAL AND SUPERNORMAL PROFITS Normal profit refers to the payment necessary to keep an entrepreneur in a particular line of production. In economics, it is generally belie
Discuss whether Indian Consumer goods industry is growing at the cost of future Profitability.
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