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What is the difference between Comparative Advantage and Absolute Advantage?
Difference between Comparative Advantage and Absolute Advantage:
Comparative advantage: it is the opportunity cost of producing the good is lower for which individual than for other people.
Absolute advantage: When he or she can do this better than other people.
Attentive: Don’t confuse about comparative advantage along with absolute advantage!
Please select either question (a) or question (b). Do NOT answer both questions. a. Mr. William Randolph Hearst is an entrepreneur based in California. He owns many newspaper
state and explain two factors that cause the shifts in the balance of payments curve.
A normal population has a mean of 12.2 and a standard deviation of 2.5. A) Compute the Z value associated with 14.3. B) What proportion of the population is between 12.2 and 14.3.?
Assume that the demand for running shoes is highly inelastic and the supply curve for running shoes is highly elastic. Suppose that the tastes of the exercising public shift away f
Compared with the situation before 1981, the marginal tax rates imposed on individuals and families with high incomes are now lower. What was the top marginal personal income tax r
Your company has asked you to analyze two mutually exclusive projects for the coming year. Project A will have an initial outlay of $7,200. Project B will cost $6,800. Both project
You are an assistant to a senator who chairs an ad hoc committee on reforming taxes on telecommunication services. Based on your research, AT&T has spent over $15 million on relate
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Q. Explain Consumer Price Index? CPI is a price index of a particular basket known as the CPI-basket. CPI-basket comprise essentially all the servicesand goods consumed in a co
Can democracy survive if a majority of the citizen pays little or nothing in taxes while benefiting directly from a higher level of government spending? Why or why not?
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