Explanation​:
2023 cost: 60.22×200 000=12 044 000

2020 cost: 56.19×200 000=11 238 000

Increase in cost: 12 044 000−11 238 000=806 000 pesos

A is the cost in pesos in 2023.

C is incorrect because the consultant's pay (200 000 euros) is a constant. The answer incorrectly applies the percentage the euro appreciated (7.17$\%$) to the original 200 000 euros.

D is the cost in pesos in 2020.

Explanation​:
Common markets are trading blocs that feature:

• common external tariffs for non-member countries
• removal of trade barriers among member countries
• free movement of goods, labour, capital, and technology

(Choice B) Customs unions do not allow free movement of labour and capital
(Choice C) Monetary unions also have a common currency
(Choice D) Free trade areas do not include common external tariffs or free movement of goods, labour, capital and technology.

Choice A is incorrect because when land rights are lacking or insecure, individuals may face difficulties in accessing housing and food production.

Choice B is incorrect because if the poorest of the poor are excluded from accessing credit, they will struggle to generate economic activity.

Choice C is incorrect because women and girls facing discrimination will have limited economic opportunities in terms of education, health, work, and access to finance, contributing to greater poverty.

Choices A, C, and D are possible drawbacks of such policies: they are expensive and may place an unsustainable burden on national debt, they involve long time-lags, and the increased government spending may create inflationary pressures in the economy.

Explanation​:
Statement I: an argument for trade protection is infant industries may be unable to compete against cheap imports from abroad, so tariffs keep infant industries competitive until they are fully established.

Statement II: national security concerns are a commonly-cited argument for trade protection, especially in the case of drugs, weapons, and essential goods.

Statement III: tariffs can be used to counter dumping by other countries, which happens when they sell their product at prices below cost as a way of getting rid of their surplus. This is unfair to domestic industries who may not be able to compete.

Statement IV: Less choice for consumers is an argument against trade protection, as it creates less variety in the imports of goods that are made available to domestic consumers.

Explanation​: 

The above green area is the deadweight loss incurred due to the quota. When the quota is removed, overall economic welfare increases by that amount.

Choice B is wrong, as domestic consumers pay PWORLDPWORLD​ after the quota is eliminated.

Choice C is wrong, as the domestic consumer surplus decreases by the blue area.

Choice D is wrong, as the value of net exports should decrease, as the country imports more now (Q1Q5>Q1Q3​).

Explanation​:
Invisible exports refers to the export of services. If a Korean tourist spends money on his meals in a restaurant, then the restaurant provides services to the Korean; hence, it is an invisible export for the US.

Options A, B, and D are incorrect:

• Option A purchasing a firm is not a service and if an American firm purchases a British firm, it is recorded as foreign direct investment in the BOP of the US
• Option B sending aid is a current transfer and not a service
• Option D receiving dividends is a component of net incomes

Explanation​:
There are 17 SDGs laid down by the United Nations in 2015 which need to be attained within 15 years i.e. by 2030.

Options A, B, and C are incorrect.

Explanation​:
Revaluing a currency can improve a nation's standard of living, as a stronger currency can purchase more imports, the consumption of which increase living standards.

Choice A is wrong as devaluation is expansionary, which means it would cause demand-pull inflation.

Choice B is wrong as revaluation is contractionary, which means unemployment would increase as a result.

Choice C is wrong as devaluation would increase net exports, which would increase a current account surplus.

Explanation​:
The WTO aims at liberalising trade and discourages trade protection.

The WTO’s stated goals include choices A, B, and C.

Explanation​:
After implementing the quota, the consumer surplus decreases by b+d+e+g+h+i. Area $b$ is taken by domestic producers. Area $d+e+g$ is taken by importing (foreign) producers. This leaves $h+i$ as the deadweight loss.

Explanation​:
Sustainable development is defined as development that meets the needs of present generations without compromising the needs of future generations.

Options A, B, and D are incorrect:
Option A: as it doesn't mention the needs of future generations
Option B: as it doesn't mention the needs of present generations
Option D: as it does state that the needs of future generations are met but at the cost of the present generations

Statement II: this is another downside because these policies are expensive and entail a huge opportunity cost

Statement III: this is a positive effect of these policies are they will help potential export industries to expand and employ more workers

Statement IV: this is a positive effect of such policies because those potential export industries will compete against industries from foreign countries and this will encourage them to be more efficient

Explanation​:
When a tariff is imposed:

• The domestic quantity supplied is at the intersection of the SdomesticSdomestic​ and the Sworld+tariffSworld+tariff​ curves (125 000 units).
• The domestic quantity demanded is at the intersection of the DdomesticDdomestic​ and the Sworld+tariffSworld+tariff​ curves (275 000 units).
• The quantity of imports is the difference between domestic quantity demanded and supplied (275 000 $-$ 125 000 = 150 000 units).

Choices A, B, and D are incorrect because they confuse pre-tariff figures with post-tariff figures for at least one of the variables.

Explanation​:  D is the correct choice because, in a trade deficit, the quantity supplied of domestic currency to buy imports exceeds the quantity demanded of domestic currency to buy exports.

The supply curve for the domestic currency shifts right as a result (S1​ to S2​) and the currency depreciates (xr1​ to xr2​).

A, B, and C are consistent with trade deficits. Since exports are less than imports, the demand for foreign currency is greater than the supply of foreign currency (Choice C) driving foreign currency appreciation (Choices B $\&$ C) or domestic currency depreciation (Choice A).

Explanation​:
A sharp fall in net exports would cause a depreciation of the currency. In order to maintain a fixed exchange rate, interest rates can be increased in order to revalue the currency by attracting inward portfolio investment.

Choices B and C are incorrect as a fall in net exports is deflationary (AD shifts left).

Choice D is incorrect as a higher money supply would cause a further depreciation by lowering interest rates, reducing inward portfolio investment, which is the opposite of what is needed in order to maintain the fixed exchange rate.

Explanation​:
Choice A is the correct answer because appropriate technology is generally described as small-scale solutions that are suitable for local needs, instead of large-scale solutions. Therefore, appropriate technology may not benefit from economies of scale and may be less efficient than other production methods.

Appropriate technology is usually labour-intensive (Choice D), makes use of local skills and materials (Choice C), and is affordable (Choice B).

Explanation​:
The current account of the BOP includes:

• Exports and imports of goods and services
• Net current transfers
• Net incomes

Foreign direct investments are included in the financial account of the BOP

Options A, B, and C are components of the current account:

• Option A is an export of goods
• Option B is an export of services
• Option C is a component of net incomes

Explanation​:
Domestic producers' equilibrium price is below the world market price, so they are able to export Q1​Q3​ at price P2​.

Choice A is wrong as P2​ is the allocatively efficient world price. Deviating away from it would incur a loss of economic welfare.

Choices B and D are wrong as Q1​Q3​ is exported.

Explanation​:
While FDI may create job opportunities, these jobs can often be low-skilled positions, as FDI managers often keep the high-skilled positions for recruits from the home country. This prevents training of local workforce and minimizes the chances of improving the host country's human capital.

Choices A, B, and D are advantages of FDI for the host country.

Explanation​:

When there is a closed economy, domestic producers get $\pounds$30 000 in revenue (equal to the red, green and blue area), with a tariff they get $\pounds$14 000 (the red and green area) and with free trade they make $\pounds$5 000 (just the red area).

Explanation​:
Choices A, B, and C are considered when GDP per capita is adjusted for purchasing power parity.

Differences in income distribution across the population are not considered.

Explanation​:
Choice D is correct because the government’s spending on education and health—two factors that affect human capital—has increased.

Choice A is incorrect because higher HDI values reflect an improvement in a nation's economic development.

Choice B is incorrect because a higher HDI ranking suggests a worsening in a nation's economic development compared to other nations.

Choice C is incorrect because a lower Gini coefficient indicates an improvement in income inequality.

Explanation​:
Statements I and II: the IHDI value equals the HDI value when there is no inequality across people

Statements III and IV: the IHDI $\text{‘}$discounts' each HDI dimension's average value according to inequalities in that dimension, so IHDI falls below the HDI value as inequality rises

Explanation​:
(I) Price divergence between exports and imports may cause potential balance of payments problems.
(II) Price volatility for primary commodities contributes to economic instability in terms of greater income risks for individual farmers and governments.
(III) Primary export revenues may cause the domestic currency to appreciate, making other exports less competitive.
(IV) The allocation of windfall incomes can cause conflict and political instability in resource-rich countries by exacerbating issues related to poor governance and dependence on primary commodities.