absolute advantage in both goods: for a given amount of inputs‚ Portugal can achieve higher output in wine (or corn) than can England. 2. Comparative advantage is determined by the “price” of one good in terms of the other good within each country. 3. Law of comparative advantage: A country in its trade with another country will export the good at which it has a comparative advantage in producing and import the good in which it has a comparative disadvantage in producing. By trading along the lines
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Liberty of the person 1. No person shall be deprived of his life or personal liber save in accordance with law 2. Where complaint is made to a high court or any judge thereof that a person being unlawfully detained the court shall inquire into the complain and ‚ unless satisfied that the detention is lawful ‚ shall order him to be produced before the court and release him. 3. Where the person arrested shall be informed as soon as may be of the grounds of his arrest and shall be allowed to consult
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CHAPTER 1 INTRODUCTION “Mangroves live life on the edge” (Warne‚ 2007). Some parts of the mangrove roots are submerged on the water and the other parts are on the land. The mangroves serve as a support system to biodiversity. However‚ according to World Wild Fund or WWF (n.d.)‚ the world already lost more than 35% of its mangrove forest. Mangroves are also responsible for carbon sequestration. According to United States Environment and Protection Agency (n.d.)‚ carbon sequestration is capturing
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Economics Chapter 2 Chapter 2 * Opportunity cost is a ratio. It is the decrease in the quantity produced of one good divided by the increase in the quantity produced of another good as we move along the production possibilities frontier. * The outward-bowed shape of the PPF reflects increasing opportunity cost. The PPF is bowed outward because resources are not all equally productive in all activities. * When goods and services are produced at the lowest possible cost and in the
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Everyone’s Gasoline Problem: As we all know that the price of gasoline is definitely driven by the concept of supply and demand. Never the less prices fall‚ quantity demand will rise‚ when price rises‚ quantity demanded will fall. Usually this is a true statement in most cases. But gasoline is a necessity to most Americans. The demand for fuel does not decrease when the price increase. Consumers often influence the price of gasoline. Gas prices in the late spring and summer months are the highest
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they can consume. Milk is an ingredient in a lot of foods and there really isn’t a perfect substitute for milk which makes it inelastic. Therefore‚ the price in milk increases will not affect the consumption. Economic growth of New Zealand 3. Exports in New Zealand decrease. New Zealand is quite a key dairy exporter‚ and the vast majority of production is exported. Therefore
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I chose the civil liberties because I think that it is important for someone to choose their own religion and beliefs without causing any trouble. Having the freedom to speak‚ choose your own religion and to vote for whomever you want to vote for is important to the American people. I chose the subcategory “The Free Exercise Clause”‚ because it upholds the rights of the American people to decide on any religious belief and to be able to exercise their beliefs without getting in trouble with the law
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market c. economy d. security • 2. A contract in which a borrower promises to compensate the lender in the future is called a financial ________. a. stock b. debt c. investment d. security • 3. A contract that makes the owner of a security a part owner of the company that issued the security is known as a(n) ________ security. a. debt b. equity c. bond d. economic • 4. A payment (or series of payments) made
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Classical and Keynesian Economic Theories Economics can be defined as a social science concerned primarily with description and analysis of the production‚ distribution‚ and consumption of goods and services. There are two main schools of thought when it comes to economics: Classical and Keynesian economics. Each theory takes a different approach to the economic study‚ but neither approach is flawless. First‚ looking at the Classical economics theory‚ it is based largely on the thought that free
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40 years ( ) Over 40 years ( ) 1) How long have you been buying from Tutti Frutti? Less than 2 weeks ( ) about a month ( ) 2 – 3 months ( ) 4 – 5 months ( ) 2) How often do you visit Tutti Frutti? Every day ( ) At least once a week ( ) Every two weeks ( ) Once a month ( ) 3) What days do you visit Tutti Frutti the most? (You may tick more than one) Mondays ( ) Tuesdays ( ) Fridays ( ) Sundays ( ) Wednesdays
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