Answer:
A <u>customs union</u> is an intermediate step in the transition from a free trade area to a common market.
Answer: Jose has to pay $600.
Explanation:
Jose has to pay $600 to Jane for her inconvenience.
In Accordance with Coase theorem, when two conflicting parties exist, one has to ‘buy the right’ from the other party.
Which In this scenario or case, Jane has the ‘right to prevent Jose from having a dog’.
Thus, Jose has to pay compensation to Jane so that he can keep his dog and at the same time Jane is also compensated for the inconvenience which may arise later.
Answer:
Since the real rate of interest is negative, this means that the purchasing power of the savings have decreased over the year.
Explanation:
Data provided:
Interest rates = 7.85 %
The rate of inflation = 12.3 %
Now,
The Real interest rate is calculated as :
Real interest rate = Nominal interest rate - Inflation rate
on substituting the respective values, we get
Real interest rate = 7.85% - 12.3%
Or
The real interest rate = - 4.45%
Here,
Since the real rate of interest is negative, this means that the purchasing power of the savings have decreased over the year.
I don’t understand this question
Standard Oil
This was an American oil company that was into everything oil from refining to even the transportation, It was set up in 1870 by John D. Rockefeller as an organisation in the state of Ohio, it was the biggest oil refinery both home and abroad as at that time.