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Economics

Q. wage rate is $40 per day and the exchange rate of £1 = $1, what is the upper limit to the wage rate in the United Kingdom that is consistent with two-way trade between the countries?

Q. A father goes to a pharmacy late at night for cold medicine for a sick child. There are many liquid cold medicines, all of which have almost exactly the same ingredients. Yet medicines with brand names that the man recognizes from television commercials are for more than the unadvertised versions. Explain in economic terms, this perplexing situation to the father.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9277494

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