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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
Dynamic model
having utility function U(x,y)= x1/2=y1/2, determine the hicksian demand function, expenditure function and indirect utility function.
Economic growth and Economic development: Economic Growth refers to an increase in real aggregate output (real GDP) reflected in increased real per capita income.A country is
(i) How do we measure economic growth and why do we need economic growth? (ii) What can governments do to stimulate economic growth and create jobs? (provide some current exampl
HOW DO YOU ADJUST FISCAL POLICY FOR INTERNAL BALANCE
what is the theory of second best ? prove the theorem with the help of a diagram .
Are there any economic effects to non-Hispanic whites, given that they no longer represent the majority of the population? Why are these examples important from an economic standpo
concept of supply and the factors that affect the supply
what is the formula for finding gross national product?
Q. What is Gini Coefficient? Gini Coefficient: A statistical measure of inequality. A Gini score of 0 signifies perfect equality (in which each individual receives the same inc
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