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If the opportunity cost of producing extra units of one good (expressed in terms of the amount of another good that is sacrificed) remains constant, then the shape of the production possibilities curve is:
A straight line parallel to the horizontal axis
An up sloping line
Bowed toward the origin of the graph
A straight down sloping line
If equilibrium price falls and the equilibrium quantity of the good purchased decreases, what has happened to either the supply curve or to the demand curve? a. Demand decreased
why is imports subtracted from the expenditure approach
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Differences between absolute advantage and comparative advantage? Ans) Absolute benefit and comparative benefit are two basic concepts to international trade. Under
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Explain the notion of the hidden momentum of population growth. Why is this an important concept for projecting future population trends in different developing nations?
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