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Industrial Policy: Government policies which are aimed at fostering the domestic development of particular desirable or productive industries, in order to enhance productivity, create higher-paid jobs, and boost international trade performance. Tools of industrial policy can include measures to stimulate investment in targeted industries; trade policies (like tariffs, limits on imports orexport incentives); and technology policies.
THEORY OF CUSTOMS UNION: A customs union is an association of two or more countries to encourage trade. The countries making such an arrangement agree to eliminate tariffs and
social welfare ordinal
the prevention of major swings in economic activity cn be handled most easily by the financial or government sector?
Marginal rate of technical substitution in the theory of production is similar to the concept of marginal rate of substituent to in the indifference curve analysis of consumer dema
Why is it so difficult for government to achieve all macro objectives simultaneously? Specifically showing possible trade-offs i.e. a) Stimulatory policies which enhance AD
1. An investment in flood control infrastructure today will generate $1,000,000 in benefits 10 years from today. Using a 3% discount rate what is the present value of these benefi
Engel Curves -Engel curves relate quantity of good consumed to income. -If good is a normal good, Engel curve is sloping upward. -If good is an inferior good, the Engel c
A spherical wave is reflected from a planar mirror sufficiently far from the wave origin so that the Fresnel approximation is satisfied. By regarding the spherical wave locally as
Modern cost curves theory
Chapter 13 / PERFECT COMPETITION and THE SUPPLY CURVE 1. Joe Brown’s dairy operates in a perfectly competitive marketplace. Joe’s machinery costs $500 per day and is the only fixe
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