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What are the limits of development theories? Theories are generalisations: • When LDCs share similarities, each country is unique economic, cultural, social and historical
What is the success effectiveness of World Trade Organisation in the promotion of development? Success effectiveness of World Trade Organisation in the promotion of developmen
Why do countries trade? International trade is the swap of goods and services among countries. Trade enhances consumer choice and complete welfare. Various countries have v
General Agreement on T arif fs and Trade (GATT) A multilateral treaty, the basic goals of which are: (1) to liberalize and promote world trade via multilatera
What is the Heavily Indebted Poor Country Initiative? The Heavily Indebted Poor Country (HIPC) aims to assist the poorest, most heavily indebted countries prevent by unsustain
What is meant by the term exception reporting? What are the advantages and the drawbacks of this type of reporting? Exception reports concentrate onto what has not gone as per
Development Strategies are explained as follows: Keeping the reasons for the persistent poverty in the LICs aside, there are three broad progress strategies which have been ado
What is the Monterrey Consensus? The World Bank estimates aid should increase by $50bn to resource the main aim of the Millennium Development Goals: containing the number of p
What are the disadvantages of informal economy? Disadvantages of the informal sector are as illustrated below: • don’t pay direct taxes; • Can produce important pollutio
Suppose an oligopoly consists of three identical firms. Industry demand is P = 100 - 2Q and MC = AC = 20. What is the Cournot–Nash equilibrium output in this industry
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