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What are the comparative benefit
The idea of comparative benefit defines that a nation must specialise in the industries in which it has a comparative advantage. Comparative benefit is measured in terms of opportunity cost. Country with the least opportunity cost when producing a good holds a comparative advantage in that good.
In recent years it has become fashionable to claim that British economy is in decline and it needs to re-balance in order to compete with emerging BRIC economies. On coming to office in 2010, David Cameron and Nick Clegg said that UK was too dependent on its service sector economy but needed to rebuild its economy to be more like that of Germany that has a proud tradition of exporting high-quality capital and consumer goods across the world. In recent years Germany's economy has boomed as it has enjoyed strong balance of payments surpluses by selling its services and goods to the BRIC economies.
1. Suppose that the supply curve for school-teachers is LS = 20,000 + 350W, and the demand curve for schoolteachers is LD = 100,000 - 150W, where L = the number of teachers and W =
if we impose any rule and regulation on clasical model like not expoit polutionso what is effect on factor of clasical model
subjective questions on national income determination
At first, it may seem obvious that consumption will rely on Y. If GDP is doubled in real terms over a number of years, government consumption, private consumption and investment wi
types of production function models
Question 1: Differentiate between income, price and cross elasticities of demand. How will the concept of price elasticity be useful to the owner of a supermarket who wan
Explain about economic cycle The economic cycle is a period of approximately 6 or 7 years in which the economy completes a cycle of downturn, recovery, recession, and boom. A p
Explain the Economic functions of money - A unit of account In a monetary economy, all prices may be expressed in monetary units which everyone may relate to. Without money,
What are the three methods that societies have used to allocate their scarce resources? Give an example of each method. Give an example of a good that uses all three methods at onc
Raising chickens requires several types of feed, such as corn and soy meal. Consider a farm in the former Soviet Union. Try to describe how decisions on the number of chickens to b
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