Specialisation and trade - Study guides, Revision notes & Summaries

3 policies to take a BOP deficit - qualified answers deflation, devaluation and direct controls absolute advantage - qualified answers a country has absolute advantage if it can produce more of a good than other countries from the same amount of resources accelerator - qualified answers is a change in the level of investment in new capital goods induced by a change in national income or output advantages of FDI - qualified answers increases aggregate demand, increased productive c...

This paper is intended to equip the candidate with knowledge, skills and attitudes that will enable him/her to apply the fundamental principles of economics in decision making 4.0 LEARNING OUTCOMES A candidate who passes this paper should be able to: • Apply basic mathematical and graphical techniques to analyse economic relationships and interpret the results • Apply the knowledge of economics in decision making • Analyse economic problems and suggest possible policy related...

ECS1601 Exam Preparation For 2022 – Past Papers with verified Answers. Households are confronted with unlimited wants, but with limited resources with which to satisfy those wants b) The scarcity of resources necessitate households to make choices - ANS-both a and b are correct Which of the following is/are correct regarding the distinction between macroeconomics and microeconomics? a) The price of apples at the supermarket is an example of a macroeconomic variable. b) An increase in th...

his paper is intended to equip the candidate with knowledge, skills and attitudes that will enable him/her to apply the fundamental principles of economics in decision making 4.0 LEARNING OUTCOMES A candidate who passes this paper should be able to: • Apply basic mathematical and graphical techniques to analyse economic relationships and interpret the results • Apply the knowledge of economics in decision making • Analyse economic problems and suggest possible policy related recomme...

EDEXCEL A LEVEL BUSINESS EXAM LATEST UPDATE -THEME 4 Economic growth - CORRECT ANSWER- An increase in a country's productive capacity Emerging economies - CORRECT ANSWER- The economies of developing countries where there is rapid growth, but also significant risk Human Development Index (HDI) - CORRECT ANSWER- A collection of statistics that are combined into an index, ranking countries according to their human development Literacy rate - CORRECT ANSWER- The percentage of adults (over 15) ...

Globalisation Refers to the increasing integration and interdependence of the World's national economies into a single international market. It involves the free trade of goods and services, the free movement of capital and labour and the free interchange of technology and intellectual capital Developed economy An economy that that is economically developed and its population has a high GDP per capita e.g USA, Australia Developing economy An economy that that is less economical...

Final Exam - NUR2063 / NUR2063 (Latest MAY 2023) : Essentials of Pathophysiology - Rasmussen Economics - Lecture notes 16 Economics (University of Nairobi) lOMoAR cPSD| ECONOMICS PART 1 CPA SECTION 2 CCP SECTION 2 CIFA SECTION 2 CS SECTION 2 STUDY TEXT GENERAL OBJECTIVES Page 2 ECONOMICS lOMoAR cPSD| This paper is intended to equip the candidate with knowledge, skills and attitudes that will enable him/her to apply the fundamental principles of economics in decision making 4...

CHAPTER ONE WORLD TRADE AND THE NATIONAL ECONOMY INTERNATIONAL ECONOMICS - A DEFINITION International economics is concerned with: "... the exchange of goods, services, factors of production and capital across national boundaries". Module ECS302 is concerned with the flow of goods, services, labour and direct foreign investment (DFI) between countries. On the other hand, module ECS303 examines the exchange of financial assets and liabilities, and the monetary aspects of interna...

BSNS 113 - Midterm Study Questions With Verified Answers. Economics Definition - answerEconomics is the study of the systems societies use to allocate scarce resources to the production of goods and services and to distribute them to consumers. The 3 Economic Questions - answer1) WHAT: what goods and services should be produced (and in what quantity)? 2) HOW: How should they be produced (including who does what)? 3) WHO: Who gets to consume these goods? Scarcity definition - answerScarci...

Microeconomics QUESTION AND CORRECT ANSWER 100 % SCORE Free goods - ANSWER Goods that are not scarce and therefore available without limits. Zero opportunity cost e.g. Air Economic goods - ANSWER A consumable item that is useful to people but scarce in relation to its demand Opportunity cost - ANSWER The value of the next best alternative foregone Positive statement - ANSWER An objective statement that can be tested, amended or rejected by referring to available evidence Normativ...