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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.
In a ___________ exchange rate system each trading nation is impacted directly by the supply and demand for their currency. A) Fixed B) Dirty C) Floating D) Clean
Q. Describe classical model of macroeconomics? Though we use the term ‘the classical model' as if there were just one classical model, this isn't quite true. For all the models
What are the costs of economic growth? Economic growth can result also into: • Increases within pollution noise and congestion • Unnecessary depletion of non-renewable r
Using the Mundell-Fleming model, describe how an increase in a country’s risk premium on the world interest rate can result in a higher level of real income. Under what circumstanc
ORDINAL THEORY: INDIFFERENCE CURVE APPROACH In indifference curve approach consumer is assumed to be rational, so that consumer's objective is to maximise her utility by choos
1. Kuhn - Tucker Conditions Max 2x + 3y s.t. pxX + pyY ≤ M. x ≥ 0, y ≥ 0 2. Max (8 + x)(8 + y) s.t. pxX + pyY ≤ M. x ≥ 0, y ≥ 0 Utility function 3. U(x, y)
Arrow up or down: An increase in the wage for high school graduates __________ the opportunity cost of college. A) arrow up B) Arrow down
Given the above trade between the two countries, explain the trade effects on product prices, and factor incomes. Why do these effects occur?
critically analyse the ways at which the govement of zimbabwe has put in place to address unequal employment opportunitiesbetween men andwomen
The market demand for a factor The market demand curve for any input is not simply the horizontal summation of the individual demand curves of all the firms. This is due to th
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