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Why Have These Economies Converged? By and large economies which have converged are those which belong to OECD: the Organization for Economic Cooperation and Development that w
(a) Increase in technology and productivity take effect in the red bull market use and label a graph to explain the result of this change on each of the following (i) Market Pri
reasons for and against free trade with foreign sector
Suppose that Congress increases the minimum wage to $10 an hour. a. Use a supply and demand model for unskilled labor to show the effect on the number of unskilled workers employed
Problem: i) What do you meant by the term ‘economic efficiency'? ii) By using appropriate examples differentiate between fixed and variable costs. iii) Consider different
Allocative Efficiency The production of products and services such that stages of production are closely tied to levels of customer demand.
Optimum currency area: An optimum currency area (OCA), also known as an optimal currency region (OCR), is a geographical region in which it would maximize economic efficiency
why diminish MRS?
use the concept of the income elasticity of demand to explain the difference necessities, luxuries and inferior goods
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