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What are institutions? Institutions are formal organisations as like: • Government : the group of some people and institutions who control and manage a country Civic socie
What is Economic development theory? Economic development theories and models seek to describe and predict how the: • Economies may develop or not over time in excess •
What are economic sectors? For the functions of analysis the production of goods and services can be classified in four groupings as given below: a. Primary sector b. Se
You have an opportunity to invest in a new plant. The fixed costs are $100,000 per year. The marginal cost of production is $2 for a quantity up to 10,000 units per year. The margi
What causes migration? Rural-to-urban migration is a usual LDC experience. Those are migrates within search of better SoL, those are generally younger, less risk adverse and b
The values for the long-run ATC curves of three different firms are listed in the table below: Quantity ATC 1 ATC 2 ATC 3
1. Why does the quantity of salt demanded tend to be unresponsive to changes in its price?
Technological development is taking place at a very fast rate in all the fields like mechanical metalluringical chemical electrical and civil. These days every man is surrou
You can buy as many drinks as you want at $1 each. You can also buy as many chocolate bars as you want at $2 each. You have $5 to spend. You must buy whole bars and drinks, that is
How does foreign direct investment (FDI) help development? Foreign direct investment (FDI) shows an injection of resources in the economy. When those resources are used to rai
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