What is an Economic Territory
Economic Territory: This refers to the region of a country where there is a free movement of goods, capital and human resources.
Illustrate major economic flows that link U.S. with nations. Provide an example to illustrate each flow. Explain the relationship between the top and bottom flows.
Difference between normal goods and inferior goods. Give illustration.
The opportunity cost of making an exact alternative is: (i) useful primarily as an indicator of relative prices. (ii) its nominal costs into terms of all other goods. (iii) the information which guides your decision. (iv) measured through the subjecti
When a world famous concert pianist is as well the world's fastest short order cook, he would most likely gain the most financially through devoting: (i) Full time to frying burgers (ii) Full time to piano practice and concerts. (iii) Half-time cooking and half-time p
Explain the impact of external costs and external benefits on resource allocation
You may use a calculator and MINITAB to conduct the necessary calculations for all questions. Analysis of US GDP and GDP growth rate (1959-2004). The following variables can be retrieved from MIN
Question: Some developing countries have suffered banking crises in which depositors lost part or all of their deposits (in some countries there is no deposit insurance). This type of crisis decreases depositors' confidence in the banking syst
Elucidate reallocation of Government resources?
Fiscal Policy:Public or government finance is a field of economics. This deals with budgeting the revenues and expenditures of government (i.e., or public sector). It is regarding the identi
Explain in short the functions of money? Answer: (A) Medium of exchange: Money can be employed to make payments for all transactions of services and goods.
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