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In brief, the price of anything is based on comparative benefit. If Adam makes clocks better and cheaper than Bill, all clock production should go to Adam.
What are the limitations of comparative advantage? Limitations of comparative advantage: International trade needs wide specialisation. This can have drawbacks as given b
Define economies grow of less developed countries by developing its secondary sector. Less developed countries economies grow by developing its industrialising: Manufacturi
QUESTION (a) "There is always an inverse relationship between price and quantity demanded of a good." Discuss. (b) Explain with appropriate diagram(s) the different factors
The following represents the potential outcomes of your first salary negotiation after graduation: Assuming this is a sequential move game with the employer moving first, indicate
International oil has been described as the lifeblood of industrial society. A National Security Council paper in 1953 noted that American Based multinational oil companies were in
Comparing Production Possibilities Curves
What is the difference between real and nominal Gross Domestic Product? National Income consists of a price and a quantity element. When the price level doubled along with simi
Is the balance of payments a problem? A persistent balance of payments shortage is bad when used to finance consumption, but good when financing imports of suitable capital wh
Why is not Aid improving development? Aid not improves development because: • Aid is spent on current consumption • It is spent on unsuitable capital as opposed to suitab
how managerial economics is applied in a firm?
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