Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
1. Imagine that two countries, Richland and Poorland can produce just two goods, computers and coal. Assume that for a given amount of land and capital, the output of these two products requires the following constant amounts of labour: Richland Poorland1 computer 2 4100 tonnes of coal 4 5 Assume that each country has 20 million workers. (a) Draw the production possibility curves for the two countries (on two separate diagrams). (b) What is the opportunity cost of a computer in (i) Richland; (ii) Poorland? (c) What is the opportunity cost of 100 tonnes of coal in (i) Richland; (ii) Poorland? (d) Which country has a comparative advantage in which product? (e) Assuming that price equals marginal cost, which of the following would represent possible exchange ratios? (i) 1 computer for 40 tonnes of coal; (ii) 2 computers for 140 tonnes of coal; (iii) 1 computer for 100 tonnes of coal; (iv) 1 computer for 60 tonnes of coal; (v) 4 computers for 360 tonnes of coal. (f) Assume that trade now takes place and that 1 computer exchanges for 65 tonnes of coal. Both countries specialise completely in the product in which they have a comparative advantage. How much does each country produce of its respective product? (g) The country producing computers sells 6 million domestically. How many does it export to the other country?(h) How much coal does the other country consume?
Define the implications of dependency problem. Implications of dependency problem: To escape exploitation, underdeveloped countries should gain political, economic and so
What are the limits of development theories? Theories are generalisations: • When LDCs share similarities, each country is unique economic, cultural, social and historical
Does the work of the International Monetary Fund and World Bank overlap? Less developed countries turn to the: • International Monetary Fund to resolve debt repayment, exch
Suppose that a company knows that on average, 30% of guests at a hotel will eat at the hotel restaurant. What is the probability that on a given night that at least 33% of the 160
What is good governance? Governance is fundamentally another word for government and is a necessary precondition for development. It is how governments employ their authority
What is structural change? Structural change: Structural change arises while the associate share of GDP and employment accounted for through the primary, secondary and te
what are the major socio economic problems of India which hamper the growth and development
Explain the statement "during the second quarter of 2010 Irish gross domestic product fell by 1.2%. According to given statement Ireland's gross domestic production fell down i
Managerial economics is the discipline which deals with application of "economic theory to business management" Discuss
How do economists group countries at various stages of development? There are three major forms of classifications: • IMF: Developing and industrial, transitional economi
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd