Options for this question include:
a. Tripled
b. Remained the same
c. Doubled
d. Declined
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World trade has been on the rise in the past decade and as a result, the dollar value of world trade has c. Doubled.
Thanks to more integration, less restrictive government policy, a rise in population and standards of living, world trade has increase over the past couple of decades such that:
- Trade in goods has risen from $10 trillion in 2005 to $18.8 trillion in 2019
- Trade in services has risen from $2.5 trillion in 2005 to $6 trillion in 2019
When looking at the trade of goods, one can see that trade has almost doubled and in the case of services, close to triple.
We can therefore conclude that world trade has doubled in the past decade.
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C aggregate demand shocks
Play little or no role in the economy in the short run
Answer:
a. How much time would it take the two to complete the project if they divide the calculations equally and the slides equally? Briefly discuss.
Brian: 5 hours for PowerPoint and 5 hours for the calculations, total 10 hours.
Debbie: 10 hours for PowerPoint and 6 hours for the calculations, total 16 hours.
In total they would spend 26 hours combined.
If they divide the work equally, they will spend too much time.
b. How much time would it take the two to complete the project if they use comparative advantage and specialize in calculating or preparing slides? Briefly discuss
Brian will spend 10 hours doing PowerPoint slides and Debbie will spend 12 hours doping calculations. Total time spent 22 hours. By specializing they will save 4 hours.
c. If Brian and Debbie have the same opportunity cost of $5 per hour, is there a better solution than for each to specialize in calculating or preparing slides? Briefly discuss
Yes, Debbie could pay $50 to Brian so that he does everything in 20 hours. That way they can save 2 more hours.
Answer:
The main functions of the ECA include the study of problems of the economic and social development of the African countries, the promotion of the economic development of the African states, and the strengthening of their economic relations both with one another and with other countries.
