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- What is the importance of the circular-flow diagram?a. Define the gravity model. Specify the variables utilised. b. Apply the gravity model to India and China. Why has it taken so long for India and China to become serious trading partners? Think of 18th century trade patterns, importation of raw materials back to the UK from their colonies. c. Apply the gravity model to the UK in the year 2021. What countries are most important to the UK’s trade relationships?Suppose, as an economist, you are asked to analyze an issue unlike anything you have ever done before. Also, suppose you do not have a specific model for analyzing that issue. What should you do? Hint: What would a carpenter do in a similar situation?
- Explain 5Es of macroeconomics. Write about three linked models of macroeconomics.Please help me with this macroeconomic question 4!worn out in the production process. ment Now IzMe: Section 2.7 uge your comprehension of this section. To begin, please click the wnward arrow located at the top right of this box. Assignment Score: 0.00% Submit Assignment for Grading Save ns tu2et10h_Ch02_Sec07.02m « Question 2 of 3 » Check My Work Three different economies have made choices about the production of capital goods. Which of the following is most likely to produce the greatest growth in the production possibilities curve (PPC)? O a. Less production of capital goods than what is needed to replace worn-out capital. Ob. Capital goods produced at the exact rate needed to replace worn-out capital. c. More production of consumption goods that replace worn-out capital. O d. Greater production of capital goods than what is needed to replace worn-out capital. MacBook Air DD F6 EZ F8 F9 F10 F11 F12 & * 6 7 8 { P + 000
- Explain 5Es of macroeconomics. Write about three linked models of macroeconomics. How has COVID-19 pandemic impacted each of these 5Es in the short term, medium term and long term4.Explain all three Circular flow economic models in one structure.Which of the below statement is a micro-economics concept? A. The South African GDP grew by 0.6% quarter-on-quarter in period through June B. Statistics South Africa's newly released figures show that Consumer Price Index (CPI) for Augu slightly to 4.8% year-on-year, compared with 4.7% in July. c. Exports of solar panels from China increased by 34% in the first half of 2023 compared to the period last year. D. Eskom, the vertically integrated, state-owned power company, generates approximately 95 per electricity used in South Africa.