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Composition of Trade: It is indicative of the structure and level of development of an economy. For instance, most of the UDCs depend for their export earnings on a few primar
If, for a specific project alternative, the discount rate equals the Internal Rate of Return, then the (discounted) Benefit Cost Ratio will equal unity (i.e., BCR=1.0). Define I
National income: The national income or product or expenditure provides a measure of total value at factor cost of final goods and services, which are available either fo
elasticity of demand
This is the practice of maximizing profits and revenues and minimizing costs, using marginal analysis.
Objectives of the WTO: The agreement establishing the WTO reiterates the following objectives of the WTO: • Raising standards of living and incomes, ensuring full employm
periodic table
The most fundamental economic problem is scarcity.
Explain the graph as their is an increase in income
law of demand..
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