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Assuming a world with only two countries (country A and country B), producing only 2 products (rice and coffee). Country A is reported to be efficient in producing both products, where the unit labor requirement to produce a kg of rice is 1 hour of labor, while for 1 pack of coffee (500g) is 2 hours of labor. On the other hand, country B needs 8 hours of labor to produce 1 kg of rice and 2 hours of labor to produce 1 pack of coffee (500g). In this case, in your opinion, country A and B should produce and export what product? Or they should not export? Explain.
Do you agree with the view that international comparisons of India are as important as within India comparison?
1. What are the guidelines for successful business implementation?
2. What are the basic requirements to start a business?
Given the demand and supply equations: (2.5)
Qdx= 150- 20Px and Qsx= -30 + 50Px
Find
a) Equilibrium Price
b) B) if market price is Rs. 3.50, what will be the amount of surplus
units?
How does the form of economic system of South Korea and North Korea affect their state of
economy?
Contrast how a market system and a command economy address the problem of resource
allocation.
Why are economic goals important to the economy?
Discuss the role of government in managing the economy?
"Explain how production helps the economy to grow."
Compose a poem about the economy or economic system containing a minimum of four (4)
stanzas. Each stanza shall compose of four or five lines.
