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1. Pareto improvement
a) Explain the following concepts, illustrating your answer with diagrams where appropriate:
(i) an actual Pareto improvement;(ii) a potential Pareto improvement;(iii) the Kaldor-Hicks criterion.
b) Which of these concepts can be used to formulate a practical choice criterion in benefit-cost analysis and why may it be difficult to use one or more of the others in this way.
Question 2: Choice criterion
a) Using a hypothetical example explain the following concepts:
(i) net present value;
(ii) benefit-cost ratio.
b) Explain where and why the use of these is appropriate.
The current Australian dollar exchange rate regime is a managed float exchange rate system with minimum government or central bank intervention. Explain with assistance of examples, three broad methods
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Fred Smith of Dodge City Bank has received many loan applications from local small businesses. The applications are supported through many documentation, including the business plans of the companies.
Stiglitz also argues that the IMF as another agenda besides its stated agenda of promoting stability and growth in LDCs. What does he mean by this? What, according to Stiglitz is the IMF's other agenda?
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Explain how international trade affects our economy. How the idea of comparative advantage was relevant to trade negotiations?
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The European Union is a supranational management that has been capable to overcome tremendous national diversity consider of how different Germany, UK, Italy, Spain etc...
Many corporation manufacture more than one product. What is the motivation to do this and explain how do rules for profit maximization differ between a single product corporation and a multiproduct corporation?
Demonstrate ethical scholarship in accurate representation and attribution of sources; and display accurate spelling, grammar, and punctuation.
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