1. What is the Iron Law of Wages? [In other words, what is the early Malthusian theory of wage determination.] What is wrong with it?
September 9, 2020
A bakery would be willing to supply 500 donuts per day at a price of $0.50 each. At a price of $0.80, the bakery would be willing to supply 1,100…
September 9, 2020

Understanding the Importance of International Trade in Various Countries

Whereas imports and exports in the United States each account for about one-eighth of total annual national income, in some countries the figure is much greater. Certain nations like Luxembourg must import practically everything!

For Critical Analysis:

How can Luxembourg have a strong economy if it imports so many goods and services?

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