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Suppose that in the United States a car can be produced with 200 labor hours, while a ton of rice requires 20 labor hours. In Japan, it takes 150 labor hours to make a car and 50 labor hours to grow a ton of rice. What is the opportunity cost of producing rice in each country, stated in terms of cars? What is the opportunity cost of cars, stated in terms of rice? Which country has a comparative advantage in cars? Which in rice?
Do you agee or disagree " Economic theory helps society reach economic goals that it has selected for itself?" Justify your answer.
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with reference to incidence of taxation, explain with the help of a diagrams, who bears the incidence of taxation when the demand for a commodity is (i)perfectly inelastic (ii) uni
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Which of the following investments has a larger future value: Investment A an $1,000 investment earning 5% per year for 6 years? Or Investment B a %500 investment earning 10% per y
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What is money and what is not money If you are trying to conclude if something is money, simply consider whether it would be accepted in most stores as payment. You then realiz
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