(1)
What does ‘Price Scissors’ refer to ?
Answer: A sharp fall in price of a major export item accompanied by a sharp rise in price of a major import
Answer: A sharp fall in price of a major export item accompanied by a sharp rise in price of a major import
Answer: Covering a risk of foreign exchange in future.
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Answer: The person or group who ends up paying a tax.
Answer: 36
Answer: Biased and inconsistent
Answer: Take logarithm of each of the variables
Answer: Oligopoly
Answer: More responsive to changes in output
Answer: J.R. Hicks
Answer: Negative and is greater than the substitution effect
Answer: Marginal product curve of labour
Answer: Price which prevents entry of new firms
Answer: W.T.O.
Answer: Both (1) and (2) are necessary
Answer: Both trade creation and trade diversion effects
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