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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.
Explain clearly the liquidity preference theory of interest propounded by j.m.keynes
discuss how opportunity cost principles influences a supplier''s decision to supply labor
Explain whether, the following statements are TRUE, FALSE or UNCERTAIN. Briefly justify your answer. (i) The circular flow shows how real resources and financial payments flow
applicability of the lewis model in developing countries
Singer suggests that although the right to sell blood does not threaten the formal right to give blood, it is incompatible with "the right to give blood, which cannot be bought, wh
DEMOGRAPHIC FEATURES IN DEVELOPMENT: We have learned in the previous unit that human resources play a significant role in generating aggregate flow of goods and services. The
Discuss how income flows in governed economy, frugal economy, spend their economy.
(a) Use this information to set up a diagram showing the firm''s total revenue and total cost schedules. In this diagram, show the points at which the firm is maximizing profits.
mention and explain four factors that determine the volume of production.
Q. Describe Exports and imports in AS-AD model? Exports and imports. This is more difficult to justify owing to exchange rate. Suppose that we have a flexible exchange rate a
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