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When did OPEC become official?
January 1961 Membership and organization. OPEC was established at a conference held in Baghdad September 10–14, 1960, and was formally constituted in Janu...
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Technology Updates
technology updates
How did natural resources help Europe?
European countries had coal. Coal was used as fuel, that caused lighting, steam trains and brought about better transportation. With better transportation...
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What is the poverty rate in Denmark 2019?
And they found that poverty rates in those countries — as measured using the US poverty line — were much lower than in the US. Child poverty in particular...
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What does absolute advantage tell us about an economy?
Absolute advantage means that an economy can produce a greater total of goods for the same quantity of inputs. Absolute advantage means that fewer resourc...
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Which exchange rate is the highest?
Kuwaiti Dinar is the highest-valued world currency with an exchange rate of 3.31 USD, and it has been so for many years now. The reason for this is the st...
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What industries use division of labor?
A new iPhone has innumerable examples of division of labour. The process is split up into many different parts. Design, hardware, software, manufacture, m...
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Who said poverty is not just lack of money?
Amartya Sen For a long time, poverty was mostly seen as a lack of money. Amartya Sen, an Indian philosopher and economist, and Martha Nussbaum, an America...
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What were the effects of African slavery on the Americas?
In addition to the loss of able-bodied workers to the Americas, the slave trade caused wars and slave raids that brought about additional deaths, as well ...
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What is price elasticity of demand explain?
Measurement of Price Elasticity. The elasticity of demand refers to the responsiveness of the demand due to the change in the determinants of the demand. ...
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What quantity of goods and services are produced?
Output Output in economics is the “quantity of goods or services produced in a given time period, by a firm, industry, or country”, whether consumed or us...
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