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What are the possible advantages of free trade?
Firms
a) Specialisation and enhanced use of comparative advantage
b) Possibility of advantages of scale
c) Spread and knowledge of technology - production gains
d) Spread of skills and labour capital
e) Access to new/wider markets
a) Increased choice, i.e. variety
b) lower prices
c) overall consumer welfare (consumer surplus - outside of syllabus) in lower prices and increased consumption
d) Increase in standard of living
Estimating Labour Productivity by Economic Sector for Target Year and its Change between Base and Target Year Contribution of each sector to GDP is known. The contribution of
What types of questions would concern microeconomics, versus macroeconomics? Microeconomics concerns itself with decision-making of individual consumers, firms and other organ
Assume that milk operates in a perfectly competitive market, use a well labeled demand and supply model to explain how market equilibrium price of milk is being determined.
National Budget: A National Budget is a document showing estimates of expected government revenue and intended expenditure for the coming financial year. It usually consist of
BACKGROUND: You have been promoted to the position of Vice President in a business consulting firm. This firm provides business consulting to a variety of businesses. The presi
how to calculate it given a functuion
Employment The calculations of human input in the production procedure. In the United States, there are two major measures of employment, as determined by the Bureau of Labor
defin giffen goods?
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Suppose Dlamini has R5 000 to spend on trousers and shirts. The price of trousers is R500 each and that of shirts is R312.50 each. 6.1 Use the information and calculate consumer eq
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