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Country A Country B
No. of pencils 100 50
produced
pounds of paper
produced 150 150
Country A and Country B can both produce paper and pencils, according to the table above and using the same amount of time and resources. Which country has the absolute advantage in producing each good?
Country A has absolute advantage in pencils, but neither country has absolute advantage in paper
Country A has absolute advantage in both
Country B has absolute advantage in both
Country B has absolute advantage in paper, but Country A has absolute advantage in pencils
Neither country has absolute advantage in either good
of supply mentioned in the extract.
1.2 Explain whether the volatility in the demand for potatoes constitutes a
change in demand or a change in the quantity demanded. Thereafter,
use a graph to explain the difference between a change in demand and
a change in quantity demanded.
A rise in the price of a product lowers the total revenue from the product if the
good is an inferior product.
demand for the product is inelastic.
demand for the product is elastic.
income elasticity of demand exceeds 1.
(a) Define oligopoly & its features. Discuss the nature of kinked Demand Curve.
(b) Show game theory under oligopolistic market.
(a) Define market failure and its causes.
(b) What is comparative theory of international trade explain.
(c) Define Economic Rent & show different situations of economic rent.
(a) Define market failure and its causes.
(b) What is comparative theory of international trade explain.
(c) Define Economic Rent & show different situations of economic rent.
(a) Define oligopoly & its features. Discuss the nature of kinked Demand Curve.
(b) Show game theory under oligopolistic market.
Explain the short run and longrun equilibrium under Monopolistic competition market & show
excess capacity under monopolistic competition market.
Distinguish between Monopoly and Monoopolistic competition market & explain the social cost
of monopoly.
economy?
a) How to produce goods and services we select?
b) What to produce with unlimited resources?
c) Who should get the goods and services we produce?
d) What to produce with limited resources?
#339914 on Dec 2023