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"Suppose a growing world with positive real income andeconomic growth. There are some lower income countries producinggoods for basic necessities of life. If income of the poor peoplebelonging to lower income countries increases, they move towardsthe luxurious goods like cars and air conditioners etc. Since,income elasticity of luxurious goods is positive i.e. as incomeincreases; demand also increases. So, with the increase in income,demand of luxurious goods from abroad will increase because suchtypes of goods are not produced domestically in lower incomecountries."
Keeping in view the above scenario, what will be the effect ofhigh demand of luxuries goods from abroad on the balance of paymentof lower income countries?
Identify the incentives to produce and price the product for a traditional monopoly and natural monopoly. Is it best for society, i.e., does society receive more welfare, to have natural monopolies provided by a private firm or by the government.
Explain the most important economic, political or social issue facing the United States.
Explain how the US government managed to accumulate a debt of over 14 trillion. To whom does it owe this debt? Is the debt a burden on future generations?
Alpha and Beta, two tiny islands off the east coast of Tricoli, produce pearls and pineapples. The production-possibilities schedules in the table below describe their potential output in tons per year. (a) What is the opportunity cost of pearls on..
Suppose that disposable income, consumption, and saving in some country are $800 billion, $700 billion, and $100 billion, respectively. Next, assume that disposable income increases by $80 billion, consumption rises by $60 billion, and saving goes..
How does N, the number of firms in the market, affect each firms demand curve? Why. b. How many units does each firm produce? (The answer to this and the next two questions depend on N.) c. What price does each firm charge? d. How much profit does ea..
Describe briefly why time lags in discresionary fiscal policy can adversely affect the efforts.
Explain how the factors determining resource demand differ from those determining product demand. Explain the meaning and significance of the fact that the demand for a resource is a derived demand. Why do resource demand curves slope downward
How might there be increase in total spending on a child's education in response to providing a fixed level of education?
Elucidate what would be the budget request for FY13 for this effort.
If a firm has created value is it also always able to capture that value How does a firm create value and then what must it be able to do to capture that value In your answer provide an example of a firm that has been able to create value.
Choose a market for a good in your area that seems to be a perfectly competitive market. Write four or five substantive paragraphs that describes the market and answers the following questions: Identify the buyers and sellers as well as the goods o..
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