Elucidate facilitating factors that explain the growth
Elucidate facilitating factors that explain the growth of trade?
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1. Transportation technology has improved over the years.
2. Communications technology allows traders to make deals in trade and global finance very easily.
3. Trade barriers declined dramatically since 1940, and the trend toward free trade continues.
Society gains from the activities of intermediaries which succeed within: (1) falling uncertainty and transaction costs for last consumers. (2) arbitrating strikes and defending workers’ rights. (3) creating productive jobs for unskilled workers
Industries that are described as "contestable": (w) will experience long-run economic profits equal to zero. (x) are difficult for firms to enter, but not to exit. (y) are difficult for firms to exit, but not to enter. (z) will charge prices greater t
The key model underpinning David Hume’s price-specie flow mechanism which most mercantilists failed to grasp is termed today as: (i) the equimarginal principle. (ii) the wages-fund doctrine. (iii) the quantity theory of money. (iv) partial equil
Is transfer income involved in national income? Explain Why? Answer: No, since transfer income does not effect in the production of services and goods.
What do you mean by Supply?
What does financial leverage specify? And also states its limitations?
Economic scarcity is pervasive, that makes choices essential. Therefore, rationally optimal decisions hinge upon tradeoffs which essentially reflect: (i) cooperation to minimize human greed. (ii) opportunity costs. (iii) competitive social behavior. (
Elucidate reallocation of resources?
How will the system accommodate change?
“The best of all probable worlds is one in that we adopt policies which maximize the happiness of the lots number of people” is a statement of the utilitarian philosophy attributed to: (w) Alfred Korzybski. (x) Hugo Grotius. (y) Xenophon.
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