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Can comparative benefit change over time?
Comparative benefit is a dynamic concept. A country can obtain or lose comparative advantage overtime when there is a change within relative efficiency as measured through opportunity cost ratios.
For illustrations in the instant aftermath of WW2 economists advised Japan to specialise within the rice production. They avoided the expert advice. Wide-ranging investment, a skilled labour force and technical expertise saw Japan obtain a comparative advantage into the production of cars and electronics.
What is Employment and Unemployment? Employment and Unemployment: Employment: It is the number of people working within the economy. Unemployment: It is the nu
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 colonial background countries of the development process? A colony is a country controlled by other. Various European countries had extensive empires as: • Latin
How can trade Liberalisation mean eliminating barriers? Trade liberalisation is the removal of trade restrictions for example tariffs, quotas and non-trade barriers is unsynch
Do you agree with the traditional theory that assumes profit maximization as sole objective of a business firm?
QUESTION No point is better accepted than the fact that the monopoly price is higher and the output smaller than what is socially ideal. The public is the victim. (a) Distin
Demand uncertainty, particularly in the fast fashion industry, is a significant factor. For this reason, María, the Supply Chain Manager of The Fast Fashion Group (FFG) has decided
#question.discuss the contention that the existance of a labour market is characterised by perfect competition is a fallacy.
meaning of deductive and inductive method.
What is the argument of advocates of World Bank in promotion of development? Advocates of the World Bank argue: • Loans and aid alone don’t guarantee development or the
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