If a countrys growth is biased in favor of its import

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Reference no: EM139523

Q. 1. Why Indifference curves are downward sloping?

2. Why Indifference curves are flatter whenever moving to the right?(Use a figure to show )

3. Define also show in a graph Illustrate what is "Income effect" also "substitution effect".(You need to show budget line also indifference curves)

4. If a country's growth is biased in favor of its import, this should unequivocally improve its terms of trade also its economic welfare. Use a graph to explain why

5. Illustrate what would be the effect of transfers of income from "Home" to "Foreign" on "relative demand " also "terms of trade" if home has a lower marginal propensity to spend on its own goods than on imports?

Reference no: EM139523

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