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International Monetary Fund:
The International Monetary Fund (IMF), the World Bank and the International Trade Organisation were conceived at the Brettonwoods Conference in July, 1944 as institutions to strengthen international economic cooperation and to help create a more stable and prosperous global economy. While the IMF and the World Bank came into existence and started functioning from 1946, the International Trade Organisation could not be set up. Instead, the General Agreement on Tariffs and Trade (GATT) was set up in 1947. Through successive rounds of negotiations, the GATT got transformed into what has come to be known as the World Trade Organisation (WTO) that started functioning from January 1, 1995. The various institutions have been set up to govern international economic relations. While all the institutions work in close coordination with each other, each of these institutions has its own specific area of responsibilities. The IMF promotes international monetary cooperation and provides member countries with policy advice, temporary loans, and technical assistance so they can establish and maintain financial stability and external viability and build and maintain strong economies. The World Bank promotes long-term economic development and poverty reduction by providing technical and financial support. The WTO seeks to achieve the same objective by providing a trade environment in which goods and services may move between the nations, unrestrained by any restrictions or barriers. On a little regional level also international organisations have been set up. Among these, the most important for us has been the Asian Development Bank.
Comparative Advantage:A theory of international trade which originated with David Ricardo in early 19th Century and is maintained (in revised form) within neoclassical economics. T
1. Explain how absolute advantage and comparative advantage differ? 2. Give an example in which a person has an absolute advantage in doing some thing but another pers
Average Fixed Cost (AFC): AFC is the fixed cost per unit of output. AFC = TFC/y Since the TFC is constant throughout the short run, as y increases AFC will decline. Therefore
John has a utility function given by U(M) = M0.5, where M represents an amount of cash prize in a game. If John wins, with the probability of 0.2, he will get $900; otherwise, he g
Document Design It refers to the overall "look" and design rather than the content of a document. Specific elements such as white space, limited paragraph indentations, length
What is Diverstification?
Iso-quant: The dots in the above Figure denotes the various combinations of (L, K) that the producer can pick up from form to produce. Among these combinations, there can be t
ESTIMATION OF NATIONAL INCOME: In India, the first attempt to estimate national income and per capita income was made in the year 1867-68 by Shri Dadabhai Naoroji. This was fo
ELASTICITIES OF SUPPLY AND DEMAND Usually, elasticity is a measure of the sensitivity of one variable to the other. It told us the percentage change in one variable in re
Let {(y i * ; x i ); 1 ≤ i ≤ n} be an i.i.d sequence of random variables where y i * and x i satisfy the linear relationship y i * = β 0 + β 1 x i + ∈ i with Cov(x i ; ∈
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