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How does the approach of someone who has adopted the precautionary principle differ from someone with a blind faith in substitutability, when it comes to a non-renewable resource like fossil fuels?
Someone with a blind faith in substitutability will think that the depletion of a non-renewable resource like fossil fuels is not such a serious problem, as they have faith that in the future other resources can cheaply be substituted for it. Whereas someone who has adopted the precautionary principle will think that we should err on the cautions side and not simply suppose that other resources can be cheaply substituted for the non-renewable resource
What is the difference between indifference curve and isoquants? An indifference curve shows dissimilar combinations which a consumer can buy with a given level of income. Ind
Disadvantages of State Trading State trading has several disadvantages. (i) State trading is often afflicted by the corruption and inefficiency usually associated with the pu
Money facilitates market activities and is essential in complex market systems. With money people can avoid the problems associated with coincidence of wants. Between, these pro
Why is it unusual for yields on longer term notes to be lower than yields on shorter term notes? 2pts b) Why would any investor buy the 2 year note (instead of the 1 year) given it
how microeconomic issues maybe represented using production posibility curve
what is multi-plant monopoly?
Criticisms of World trade organisation: There are critics too of the WTO. It is believed that the WTO will emerge out destructive of biodiversity and people's livelihoods by
Price elasticity of supply – Computes the percentage change in quantity supplied resulting from a 1 percent variation in price. – The elasticity is usually positive as price
Human numbers grew as the population after 1800 After 1800, human numbers grew as the population explosion took hold. It carried our entire population to 6 billion in October 1
what is the theory of second best? prove the theorem with the help of a diagram.
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