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Since World War II, North Korea has had a centrally planned economy in which the government makes the big decisions on how resources will be allocated. Why would you expect North Korea's production possibilities (per person) to be smaller than those of Australia? What are the economic institutions that help the Australian economy achieve allocative efficiency that North Korea might lack?
What are the basic questions to be answered by economic institution? Four fundamental questions should be answered by any economic institution as: a. What goods and services
Economies of Common Services: Through the concentration of firms in a particular industry in a given geographical location, the firms may enjoy certain commonservices.These
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Why were there not any sustained increases in material productivity of human labor back before 1500? Since improved technology quickly ran aground on resource scarcity. As huma
Sources of external economies of scale: Economies of Skilled Labour: This involves upgrading the skills of labour through the provision of education and training faci
Briefly explain the main macroeconomic objectives of governments. Definition of macroeconomic issues Growth a) Enhance in national income per unit of time, a
Discuss MO theory in detail?
Comment on the current account trend since 2013 till 2015
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