Explain the importance of economic planning to a country's economy. Describe the role of models in economic analysis? Why do economists use economic models when making predictions or assumptions about the economy? Which economic model do you believe is the most beneficial to you at the prese...
A technological change that makes resources become less specialized will make the PPF straighter than before. This because the bowed-out shape of the...Become a member and unlock all Study Answers Start today. Try it now Create an account Ask a questio...
Give an example of how the concept of opportunity costs relates to labor economics. Define opportunity cost of economic growth. Use a maximum of two sentences for your answer. With the help of a fully labelled diagram of the production poss...
Manufacturing is the general activity of products' production usually for sale or individual useable flow of general processes involving machines and labour. On the other hand, natural resource refers to the naturally occurring resources that can effectively be utilized for ...
According to many economists, trade restrictions are disastrous and lead to a decline in the overall efficiency of an economy. It is better explained in the economic model of comparative advantage. Natural barriers are the commonest in international trade and they ...
Explain the relationship between investment and long-term economic growth, and describe the relationship graphically in an AD/AS graph. What are the three assumptions of an ordinal measure of utility? Explain Is the AD curve always downward sloping? Discuss and use graphs where necessary to expl...
Answer to: Explain the Malthus theory concerning population in economic development. By signing up, you'll get thousands of step-by-step solutions...
Explain the relationship between pegged/fixed.Exchange Rates:Stable exchange rates are usually good for trade because they reduce FX risks of holding another currency. While this is true, exchange rates should also adjust to economic realities such as a recession in one nation but not the other....
How does the circular flow of wealth fit together as a whole process? Explain how the circular flow diagram relates to the current economic situation. Using the circular flow diagram, explain a way that your family interacts in the factor market and a way that it interacts ...
Calculate the marginal rate of substitution using the following utility functions: 1) u(x,y)=5x^2+3y^3 2) u(x,y)=\sqrt{x}+y 1) The MRS is : ... 2) The MRS is : ... Economics problem (easy)- marginal rate of sub. If Ann?s marginal rate of subs...