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What is import substitution?
Import substitution:
It is a government industrialisation policy for development by replacing imports along with domestic production.
What effect would a rule stating that university students must live in university dormitories have on the price elasticity of demand for dormitory space? What impact might this in
How do economists differ from accountants in the use of the term profit ? Definition of rev and accounting costs Explanation/outline of opportunity costs, for example
Barriers or Hindrances with Presenting Christian Gospel 1.) What practical steps could be taken to build a relationship with a follower of this worldview who might be a co-wor
What do you mean by standard of living? Standard of living (SoL): It is incomer per capita (head) and it is determined by national income (GDP) divided through total pop
explain why each of the following factors influence the own price elasticity of demand for a comodity 1. Consumer preferences 2. the narrowness of definiton of the commodity
What are economic systems? An economic system is the system of organisations utilized by a society to solve the economic difficulty of what how and for whom to make. There are
What is the Washington Consensus? The Washington Consensus is a set of polices arguments advocated through free market economists to motivate growth and it is at the heart of
How does social capital influence development? Problem: Low social capital leads to potential conflicts and high transaction costs which hinder growth. Several LDCs (Less Deve
Is there an optimum population size for a country? Optimum (best) population arises while productivity that is output per person is highest. • An under-populated country ca
Problem-solving question: Use the following data for a firm’s output at various levels of employment (L) to calculate: a) its marginal physical product of labor (MPPL) schedule; (
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