Is the slope of indifference curve always negative?
The negative slope of the indifference curve implies that the marginal rate of substitution is always positive; Complete, such that all points on an indif...
Category: General
What were the economic and social differences between the North and South?
In the North, the economy was based on industry. They built factories and manufactured products to sell to other countries and to the southern states. The...
What were some major problems the US had under the Articles of Confederation?
With the passage of time, weaknesses in the Articles of Confederation became apparent; Congress commanded little respect and no support from state governm...
What countries are in West Africa?
Western Africa, region of the western African continent comprising the countries of Benin, Burkina Faso, Cameroon, Cabo Verde, Chad, Côte d’Ivoire, Equato...
How does Christianity affect the economy?
For given religious beliefs, increases in church attendance tend to reduce economic growth. In contrast, for given church attendance, increases in some re...
Which country has the most prisoners per capita?
United States Crime > Prisoners > Per capita: Countries Compared # COUNTRY AMOUNT 1 United States 715 per 100,000 people 2 Russia 584 per 100,000 pe...
What are the dynamic benefits from customs union?
Advantages of Custom Unions The main effect of a free-trade agreement is that it increases trade between member countries. It helps improve the allocation...
Is full employment good for the economy?
When the economy is at full employment that increases the competition between companies to find employees. This means skilled workers can demand higher wa...
How do shortages affect the economy?
Impact of shortages in the economy When there is a shortage of goods, it will encourage consumers to queue and try and get the limited goods on sale. Queu...
What were the most important economic changes in the Philippines in 19th century?
The demand for Philippine sugar and abaca (hemp) grew apace, and the volume of exports to Europe expanded even further after the completion of the Suez Ca...
