As per projections by IMF for 2021, United States is leading by $6,033 bn or 1.36 times on an exchange rate basis. The economy of China is Int. $3,982 billion or 1.18x of the US on purchasing power parity basis. According to estimates by World Bank, China’s gdp was approxRead More →
Slavery, by contrast, was an ancient institution in Russia and effectively was abolished in the 1720s. Serfdom, which began in 1450, evolved into near-slavery in the eighteenth century and was finally abolished in 1906. What was the peasant problem in Russia? Over three-quarters of the Russian population were unhappy withRead More →
They are the private savings of workers and families that are spent in the home country for food, clothing and other expenditures, and which drive the home economy. For many developing nations, remittances from citizens working abroad provide an import source of much-needed funds. What are remittances and why areRead More →
Barter is an alternative method of trading where goods and services are exchanged directly for one another without using money as an intermediary. For instance, a farmer may exchange a bushel of wheat for a pair of shoes from a shoemaker. What is life like in a barter economy? BasicsRead More →
Cannabis is now legal. The Cannabis Act creates a strict legal framework for controlling the production, distribution, sale and possession of cannabis across Canada. What are the effects of legalizing weed? They find that legalization increased both marijuana use and marijuana abuse/dependence in people 21 or older. It was alsoRead More →
What is the name we give to the unit that purchases goods and services in the output market and offers their labor in the input market? Input market– a market where the resources used to produce the products are exchanged. You just studied 40 terms! Is the sum of allRead More →
Apart from boosting exports, devaluation improves country’s trade balance and helps build forex reserves. … In order to stimulate the exports, the domestic output is encouraged thereby improving employment. Import substitution takes priority and thus increasing the gross domestic product (GDP) of the economy. Who benefits from devaluation? The mainRead More →
Greenbacks, such as this $5 bill issued in March 1863, were a form of legal tender paper money created by the Union government to help finance the Civil War. … Greenbacks funded about 15% of the war effort but raised inflation rates to 14% in 1862 and 25% in 1863Read More →
In the early 1920s while Germany was suffering through economic hardship there were a series of uprisings, rebellions and political assassinations. Two main rebel groups formed: A left wing communist group called the Spartacus League and a right-wing group called the Free Corps. Why was inflation so bad in GermanyRead More →
Gabon is one of Africa’s richest countries, but many of its citizens are among the poorest – a malady common in countries rich with natural resources. Its tiny population of 1.9 million and huge oil wealth mean in 2015 it had a GDP per capita of about $8,300 (£6,446), oneRead More →