1. Distinguish between an absolute advantage and a comparative advantage. Cite an example of a country that has an absolute advantage and one with a comparative advantage. Absolute advantage is when a monopoly exists in a country when it is the only source and product of an item. Meanwhile‚ a comparative advantage is when a country can supply products more efficiently and at a lower cost than it can produce other items. South Africa has an absolute advantage because of its diamonds. The United States
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MBA 4701 SHIPPING BUSINESS AND INTERNATIONAL TRADE ASSESMENT 2-2013 CONTROVERSY ON MARPOL ANNEX V AMMENDMENTS CONCERNING CARGO RESIDUE Submitted by: Vasanth Subramanien Student Number: M00460445 Word Count: 1470 words. TABLE OF CONTENTS SL NO CHAPTERS PAGE NO 1 IDENTIFICATION OF IMO POLICY & UNDERSTANDING THE CONTROVERSY 3 2 RATIONALE & SAFETY OBJECTIVES 7 3 WERE OBEJCTIVES BEHIND THE POLICY MET 9 4 RECONSTRUCTION OF THE
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Appendix and References 1. Consumer Price Indices 2. Income and Assets Test 3. http://www.hkdailynews.com.hk/news.php?id=277873 4. http://www.censtatd.gov.hk/hkstat/sub/so30.jsp 5. http://www.censtatd.gov.hk/hkstat/sub/so60.jsp 6. http://www.swd.gov.hk/en/index/site_pubsvc/page_socsecu/sub_comprehens/ 7. http://www.poverty.org.hk/povertydata?tid=26 8. http://www.hkcss.org.hk/policy/ gfijgioerjgeignjierogioehjdjngjdfngfkdg dfgdfgfdgfdgdfgfdgfdgdfgfdgfd
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Oluwatobi Onibatedo Eco 301 08/24.2013 WEEK 1 HOMEWORK Problem 1 1.a. Suppose the real GDP is currently $97 billion per year and natural real GDP is currently $100 billion. Measured as a percentage‚ what is the real GDP gap? Solutions Actual real GDP- Natural Real GDP =GDP gap over 100 = $97- $100= -3/100 = -3% GDP GAP is -3% The negative answer means the economy as a whole is in a recession. 1(b) Suppose natural real GDP is growing by $4 billion per year. By how much must
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The Eureka Phenomenon uses examples throughout the story to support a certain way of dealing with a problem. The problem was when you get stuck trying to figure something out‚ how to get yourself back on track. Well‚ one of the examples used to figure out that situation was one about a king thinking that he got screwed over on the amount of gold used on his crown. The story supported the original problem‚ but equations were then brought into the story later on. These equations seemed to play
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3rd Edition‚ June 2005 Eric Doviak Principles of Microeconomics on the Lecture Notes Preface Microeconomics is the study of the behavior of individual households‚ firms and industries as well as the supply and demand relationships between producers and consumers. You might think of a household as a consumer‚ but households are also producers. For example‚ take a look at your kitchen: you take raw materials (meat‚ cheese‚ vegetables‚ eggs‚ salt and pepper) as well as capital
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The Asch Phenomenon and Consumer Behavior (Bridget Walczak) Imagine yourself sitting in a room with seven of your peers. You are asked a question and given a choice of three different answers: A‚ B‚ or C. You know the answer is C‚ yet every single person before you confidently states that the answer is B. Do you stick with your answer‚ or eliminate the fear of being wrong and embarrassed in front of your peers and go along with the group? This is the exact dilemma faced by subjects in the famous
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PRINCIPLE OF MACROECONOMICS 1.0 Content No. Topic Page 1.0 Content 2 2.0 Introduction 3 3.0 Discuss the cost of inflation and the dangers of deflation. 4 4.0 Discuss the nature and the roles of money. 8 5.0 Explain how banks can add to the money supply by making loans of money they are not required to hold in reserve. 10 6.0 How hyperinflations are caused by governments resorting to seignorage. 13 7.0 Conclusion 16 8.0 Reference 17 9.0 Coursework
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Part 1 : Demand For Goods and Services Definition of demand Classification of Goods and Services Law of demand Factors That Influence Demand (Determinants of demand) Definition of demand One of the definition of demand is known as the desire to buy goods and services with the ability to pay at a given time period. Classification of Goods and Services From conventional Economic Perspective: i) Free goods – zero production cost. i.e. rain water and air ii) Public
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investing in monopolistic rather than competitive industries. 9. A Stackelberg leader will necessarily make at least as much profit as he would if he acted as a Cournot oligopolist. 10. Dominant strategy equilibrium is a set of choices such that each player’s choices are optimal regardless of what the other players choose. II Fill in the blanks for the following questions:（2points*10） 1) Your budget constraint for the two goods A and B is 12A+ 4B = I where I is your income. You are currently
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