Using concrete examples from the MICE industry, distinguish between direct and indirect economic contributions. Briefly discuss why the economic significance of tourism is not explicitly reported in the national accounts.

Using concrete examples from the MICE industry, distinguish between direct and indirect economic contributions. Briefly discuss why the economic significance of tourism is not explicitly reported in the national accounts.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: The World Trade Organization O A. was established to resolve disputes arising under world trade…

A: WTO (world trade organization) is the global organization that deals with the regulation of trade…

Q: The following goods and services are commonly traded in Australia. For each good or service explain…

A: Internal economies of scale will measure a company's production efficiency and will occur due to the…

Q: Which of the following statements about the use of resources is NOT one of the key economic…

A: Economic problem: All economic problems arise because of limitless human needs and limited…

Q: O Government control of the national economy O Foreign investment from Western Europe Extensive…

A: Stalin aspired to create a powerful Soviet Union capable of confronting Western powers. He was a…

Q: tsource production to Bangladesh and other low-wage economies. Show your results in single diagram.…

A: Unemployment is a term alluding to people who are employable and effectively looking for a job yet…

Q: International trade policies: International trade policies refer to measures aimed at regulating the…

A: Supply is the term used for the willingness and ability of a seller to sell the product and services…

Q: 4. Suppose a friend of yours decides to write a novel. Explain how ideas and objects are involved in…

A: A novel is a book on some story which might be real or based on fiction. Here ideas and creativity…

Q: Evaluatr and discuss this statement, Absolute advantage, specialistion and comparative advantage are…

A: When a nation can manufacture an item more cheaply or efficiently than another nation, it is said to…

Q: A telephone company, a restaurant and a hospital are companies that according to their economic…

A: When the production of services or goods takes places with the help of inputs or techniques , it is…

Q: Large-scale industries plays an important role in the development of the industrial sector. Come up…

A: Large scale industries help in the development of industries in the economy, which is essential for…

Q: What are the Economic Effects on the Country that were involved in this Case

A: Microeconomics is a subpart of economics that is used to understand how production, consumption and…

Q: (a) Which industry would you expect to be relatively labour intensive, and which capital-intensive?…

A: A labor-intensive industry is one that requires a comparatively high quantity of labor input in…

Q: Legal Outsourcing: A. Involves having routine legal tasks done overseas B. Requires…

A: The correct answer is A. Legal Outsourcing involves having routine legal tasks done overseas.Legal…

Q: please reply to this discussion post, needs to be 150 words at least

A: Evaluating trade policy involves analyzing the potential benefits and drawbacks of different…

Q: One of the main problems faced by the pakistan agriculture sectors are: 1 Lack of land 2)Family…

A: Agriculture is the lifeblood of Pakistan's economy, contributing 18.5 percent of GDP, providing…

Q: Explain the impacts of each industries in the economy Manufacturing Industries Merchandising…

A: Meaning of Economics of Scale: The term economics of scale refers to the situation under which the…

Q: How can the following below affect tourism industry? a. Lack of international representation b.…

A: a) Tourism may be characterized as a type of capitalist economy that sells more than just things; it…

Q: A) For the UK, what is opportunity cost of cheese and wine? What about for the Rest of the World…

A: Opportunity cost is the benefit derived after not choosing the alternate option.

Q: Assuming Portugal has 180 man-hours (mhrs) of labor resource available for production, and labor is…

A: Opportunity cost is the benefit that is derived from the not chosen alternative.

Q: One of the following is not a factor for the static development of cottage industries in Ethiopia.…

A: A cottage industry is a limited scale, decentralized assembling business regularly worked out of a…

Q: [Basic static analysis of trade] Construct a simple model of the (wholesale) market for wheat…

A: The process of purchasing and selling items in big numbers and so at lower rates, mainly to…

Q: We can conclude that Morocco has a comparative advantage in the production of tables. [True or…

A: Comparative advantage refers to the ability of a country or an individual to produce the good at a…

Q: primary issue being faced by the tourism sector

A: Tourism industry is a part of service or tertiary sector and has become a source of earning for many…

Q: A semiconductor is a key component in your laptop, cell phone, and iPod. The table provides…

A: The comparative advantage depicts an economic phenomenon in which a nation or production unit can…

Q: Please Fill in the blank for the following: is the manufacturing and/or sale of goods and/or…

A: The fill in the blanks are as follows:-

Q: Apply CAGE (Only Administrative and Economics). What are the country conditions that made Brazil a…

A: The core problem is figuring out the helpful variables in Brazil for Monsanto's innovation…

Q: One of the following phenomena has been inaccurately described. Which one is it? a. Offshore…

A: There are various economic revolutions and improvement that took place over a period of time that…

Q: discuss the economic implications for all relevant economic agents of a country joining a common…

A: A common market is a contractual term in which a coalition of countries with common external tariffs…

Q: What can you say about the performance of the agriculture sector compared to the service sector?…

A: Performance in nominal terms as a percentage share of GDP Agriculture as a percentage of GDP has…

Q: Match the following Regional Trade Agreement examples to the Type of Regional Trade Agreement to…

A: Customs Union: A customs union is the substitution of a single customs territory for two or more…

Q: The gravity model of trade describes an exact physical relationship between trade, distance and size…

A: "The statement is FALSE."

Q: Identify the relevant economic concept which can be matched to each of the descriptions below. 1 A…

A: Economic concepts are a group of fundamental ideas that explain a range of economic phenomena, such…

Q: Some less-developed nations are unable to devote resources to various research and development…

A: Economic growth: Financial development is an expansion in the creation of monetary merchandise and…

Q: Show graphically why the problem of outsourcing production to China, Mexico and elsewhere is a good…

A: One of the most crucial considerations that firms must make when it comes to international trade is…

Q: 4:62. The following table gives the data of production in million tons and price per ton of four…

A: The geometric average of the Laspeyres price index (which only takes the base period bundle) and the…

Q: entify the benefits outsourcing brings to both consumers and producers in the domestic market over…

A: Outsourcing is a business practice in which services or job functions are hired out to a 3rd party…

Q: Corn is by far the dominant crop in the United States. In what ways is this a good thing for…

A: Agricultural products and other items related to agriculture are considered to be of prime…

Q: 70,000T Norway 60,000 United States 50,000- Netherlands .3B Denmark • Germany France 40,000 UK…

A: Option A : UK workers have more free time than Greek workers. According to the graph- Average annual…

Q: Relate the educational levels in the various categories to the process of industrialization.

A: Meaning of Industrialization: The term industrialization refers to the process of economy…

Q: A worker in the United States and a worker in China can each produce 1,000 pairs of jeans per week.…

A: Given: The US produces: 1,000 pairs of jeans per week 50 cell phones in a week China produces:…

Q: ll of the following are advantages of free trade except: a. Free trade helps keep interest rates…

A: Free trade refers to a trade policy that does not restrict imports or exports. free trade can also…

Q: 15. Assuming Portugal has 180 man-hours (mhrs) of labor resource available for production, and labor…

A: Production possibility frontier is the indication of the various production possibilities of the tow…

Question

Using concrete examples from the MICE industry,
distinguish between direct and indirect economic
contributions.
Briefly discuss why the economic significance of
tourism is not explicitly reported in the national
accounts.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

If Big Macs were a durable good that could be costlessly transported between countries, which of the following would present an arbitrage opportunity? Check all that apply. Exporting Big Macs from Poland to China Exporting Big Macs from the United States to the Eurozone Exporting Big Macs from Norway to China
Consider the production productivity matrix of two goods from the US and India: United States of America India Labor force 200 800 Labor per unit corn 8 50 Labor per unit automobile 10 40 6. In India, how many units of corn is it willing to give-up to produce a unit of automobile? Group of answer choices 0.8 1.25 Both 0.8 and 1.25 Not enough data 7. The US, to achieve comparative advantage in producing a unit of corn, need to give-up how many unit(s) of automobile? Group of answer choices 0.8 1.25 Both 0.8 and 1.25 Not enough data
In Ecuador, cut roses are one of the country’s leading exports. Prior to advancements in the air transportation industry, this would have been impossible as roses must be sold within three to five days once cut. Today Ecuador is one of the world’s top producers of roses. What are the various trade theories that help explain ecuador’s competitive position in exporting roses? Then consider how well the Ecuadorian rose industry has balanced exporting success with socially responsible business practices.
What is technological diffusion? Describe the two models of technological diffusion. Which of these models do you think is accurate in describing the global and social digital divide, and why?
Say that Alland can produce 32 units of food per person per year or 16 units of clothing per person per year, but Georgeland can produce 16 units of food per year or 8 units of clothing. Which of the following is true? Question 35 options: Georgeland has a comparative advantage, but not an absolute advantage, in producing clothing. Georgeland has both a comparative and absolute advantage in producing clothing. Alland has a comparative advantage, but not an absolute advantage, in producing food. Alland has an absolute advantage, but not comparative advantage, in producing food.
How have changes in technology contributed to the globalization of markets and production? Would the globalization of production and markets have been possible without these technological changes? [Note: Diagrammatic representation is mandatory to elaborate your conceptual understanding
Q) Which statement is true of natural resources in terms of global trade or a country’s economy? a. Steep declines in the price of oil had a negative impact on America’s oil producers. b. The past decade has witnessed the discovery of an abundance of natural resources. c. Petroleum is the only natural resource that affects international marketing. d. Vast differences in natural resources result in minor shifts of wealth among countries. Give me correct explaination and not copy paste anything from anywhere.
Refugees seeks temporary protection to a foreign land because of certain internal conflicts in their home country. true or false With the country reliant on labor export, OFWs are seen to be major economic drivers of the country. true or false
(A) what percentage of this total was produced by the three largest economies shown in this bar graph? (b)what percentage of this total was produced by the three smallest economies shown in this bar?
Which of the following is a factor of production at a university? electricity Scantron sheets the faculty lab concentrations to use in experiments
These are areas in a country which is exclusively built near ports where industries can settle and enjoy several business incentives such as lesser taxes and electricity and transportation costs. a. Preserved sites b. Technological cities c. Special economic zones d. Heritages sites
© Macmillan Learning Production, Economic Growth, and Trade. - End of Chapter Problem Ice cubes are an enjoyable product that many take for granted since they are easily produced in a freezer. But prior to the invention of refrigeration in the late 19th century, obtaining ice in warm climates required it to be imported from cold environments, making it an expensive luxury item. The new technology of refrigeration increased allocative efficiency neither production nor allocative efficiency production efficiency both production and allocative efficiency in the economy.