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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.
Q1. The poorest countries in the world have a per capita income of about $600 today. We can reasonably assume that it is nearly impossible to live on an income below half this leve
discuss Haberler''s opportunity cost doctrine.
Major fiscal objective of Chancellor George Osborne The major fiscal objective of Chancellor George Osborne when coming to office in May 2010 was to remove the UK's structural
Utility Maximisation: Graphical Presentation Let consider a two-commodity world, x 1 and x 2 representing good I and good II respectively. p 1 and p 2 are the prices o
According to Keynes, the economy could become stuck at a low income level if: A. aggregate demand and aggregate supply are independent of one another. B. declines in aggregate dema
Q. Determination of variables in AS-AD model? Once Y and P are determined, all other endogenous variables would be determined as well. Interest rate is determined by money mark
Define the tools of Competitive market. Competitive market: The supply and demand model a. The demand curve b. The supply curve c. Factors which cause the demand cu
the difference between the AC and the AVC curve
Illustrate the overview and importance of macroeconomics? After familiar with this illustration, able to know: a. An overview of macroeconomics is the study about the econom
detail givn the transaction demand
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