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How does colonial background influence the development process? Colonial experience influences: • Language for example the official language of US is English. • Legal and
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
QUESTION (a) Using diagrams where appropriate, explain the concepts of scarcity, choice and opportunity cost. (b) Distinguish between positive and negative externalities, il
A. Consider the example of renovating a highway that is in poor shape, with large holes and crumbling shoulders that slow down traffic and pose an accident risk. The costs include
Suppose a firm’s budget were large enough to employ 100 units of either labor or capital, the cost of a unit of labor being the same as a unit of capital. The production function i
uses of discounting principals
What do you mean by standard of living? Standard of living (SoL): It is incomer per capita (head) and it is determined by national income (GDP) divided through total pop
B. Complete the following table
What is import substitution? Import substitution: It is a government industrialisation policy for development by replacing imports along with domestic production. St
What is the function of multinational companies into the promotion of development? A multinational or transnational (TNCs) company operates within two or more countries across
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