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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.
Assume you wish to start a business in an area in which a natural crisis has recently occurred. How would you decide which kind of business to start?
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Assume the free trade market price of a car is $10,000. It contains $5000 worth of steel. The importing country imposes 25 percent tariff on car imports.
Out of all of the possible production points along a production possibilities curve, which one of those points does a nation select and why?
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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?
A Company is offered trade credit terms of 2/8, net 45. The company does not take the discount, and it pays after 58 days. Determine the effective annual cost of not taking this discount?
Explain the concept of comparative advantage and the principle theories of why trade occurs and analyze and discuss the sources of comparative advantage in national economies.
I am an advisor to United State Federal Trade Administration in charge of doing background research that will be used for trade negotiations by policy makers. Discuss advantages and disadvantages of expanding NAFTA.
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