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What is dual economy and development in an economy?
Development in an economy:
Differentiated or uneven development arises while the benefits of growth are not shared evenly among social classes or geographical areas.
Dual Economy:
Economic dualism or a dual economy arises while an advanced economy coexists along with a traditional subsistence economy resulting within a prosperous city or areas alongside poor rural regions in similar country.
What are the limits of development theories? Theories are generalisations: • When LDCs share similarities, each country is unique economic, cultural, social and historical
The reserve requirement is 20%. Assuming banks have no desire to hold excess reserves, calculate the money multiplier. Now assume the banks want to hold 20% of their reserves in ad
QUESTION (a) Explain the Law of demand and the factors affecting demand for a product or service. (b) Explain and illustrate diagrammatically how the market demand for a pro
Question 1: Write short notes on any FOUR of the following: (equal marks each) (a) Law of diminishing returns (b) Barriers to entry (c) Consumption Function (d) Devaluati
QUESTION On a dark day, a train carrying more than 25 propane tankers derailed and began to burn. Upon arrival at the scene and conducting an initial size-up, the incident comm
Why do state approaches work into promoting development? State planning and intervention is desirable due to the shortcomings of markets. The approaches range of state through
Do you agree with the traditional theory that assumes profit maximization as sole objective of a business firm?
What are Harrod-Domar assumptions? The H-D (Harrod-Domar) model assumes as: • Fixed capital output ratio. Nonetheless, diminishing marginal returns to capital element exist
Explain the notion of the hidden momentum of population growth. Why is this an important concept for projecting future population trends in different developing nations?
Applying economic concepts to situations at work. This writing assignment is intended to give you a chance to apply concepts to real economic situations. Think of these concept
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