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What are the assumptions of Lewis?
LDCs (Less Developed Countries) have two (dual) economies as:
• Rural traditional economic and social practices, which overpopulated, subsistence along with zero marginal labour productivity
• Urban: modern economic and social practices, along with high marginal labour productivity.
QUESTION 1) Explain the term Balance of Payments (BOP) and how a government would intervene to correct a BOP deficit. 2) Explain the protectionist measures that a government
What are the Economies at Different Stages of Development? Economies at Different Stages of Development: • LDCs (Less Developed Countries) share common features but all one
What is poor governance? In countries along with poor governance: • The rule of law has not working for example civil war and areas run by war lord • Bribery and corrupti
What is the Third World? Third World: Developing countries are sometimes termed as collectively like the Third World. Such term can cause offence within developing nation
Illustrate liberalise or open up trade in market for promoting development? Liberalise or open up trade implies that: • Abandoning fixed exchange rates and elimination of re
1. Why does the quantity of salt demanded tend to be unresponsive to changes in its price?
QUESTION (a) Explain and discuss the Structure Conduct Performance framework (b) The hypotheses of interest in the Structure Conduct Performance framework are as follows- H
Australia has emerged from the Global Finance Crisis (GFC) as "the strongest economy in the developed world" (Editorial, The Australian, 11 December 2009). The economic editor of T
What are the disadvantages of informal economy? Disadvantages of the informal sector are as illustrated below: • don’t pay direct taxes; • Can produce important pollutio
EXPLAIN WHY INTERDEPENDENCE IN OLIGOPOLY RESULTS IN A TENSION BETWEEN COOPERATION AND COMPETITION.
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