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Distinguish between the terms of trade and the balance of trade.
Basic explanation of the terms of trade as the average price of exports in relation to the average price of imports - and exemplifying using some form of export and import basket. The balance of trade is explained as the total export revenue minus total import spending (in the visible trade account).
Government Spending Wagner's Law of economic activities applies to every economy. According to this law, there is both an extensive and intensive increase in government activit
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Illustrate the Economic Growth Up until 1800 growth rates of human populations were glacial. Population growth between 5000 B.C. and 1800 averaged less than one-tenth of a perc
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Calculate Marginal Revenue
What are constant returns to scale? Constant returns to scale: A constant return to scale (CRS) implies that doubling inputs precisely double outputs, which is frequently a
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