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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.
Arrow up or down: An increase in the wage for high school graduates __________ the opportunity cost of college. A) arrow up B) Arrow down
Which of the following is a reason why the aggregate demand curve slopes downward? a. At a higher price level, fewer goods and services are available. b. Periods when the price lev
Potatoes cost Janice $1 per pound, and she has $5.00 that she could possibly spend on potatoes or other items. If she feels that the first pound of potatoes is worth $1.50, the sec
If Starbucks's marketing department estimates the income elasticity of demand for its coffee to be 2.9, how will the prospect of an economic bust (expected to decrease consumers' i
The aim of this paper is to observe and interpret the correlations between oil price changes, and changes to key macroeconomic indicators. From this we will be able to observe if t
uses of national income statistics..
The inverse market demand curve for a good is p = 100? 0.25Q. the inverse market supply curve for the good is p = 20 + 0.55Q. Calculate the equilibrium price and quantity, consumer
Some scholarly papers have shown that growth from trade in developing nations can make the country worse. Can this happen? If so, describe the conditions required for this situatio
TRADE policy: We are now in a position to sum up our analysis of India's trade policy. First, India's trade policy has always been very intricately related to India's basic de
A scientist postulates that grazing by gastropod snails affects the settlement of Spirorbid worms in estuaries. She sets up a manipulative experiment to test this by using cages to
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