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Q. What is International Monetary Fund?
International Monetary Fund: An international financial institution established after World War II with the goal of stabilizing and regulating financial relationships among countries, and making sure free flow of finance around the world economy. Based in Washington, D.C., it's governed by a system that grants disproportionate influence to the wealthier economies (based on their contribution to Fund's operating resources).
Natural Rate of Unemployment: According to neoclassical economics, wage rate is determined by a process of labour-market clearing (in which employers and workers compete with each
LANTHENOIDS
Allocative Efficiency The production of products and services such that stages of production are closely tied to levels of customer demand.
similarities
Q. Explain about Gross Domestic Product? Gross Domestic Product:Value of all the services and goods produced for money in an economy, evaluated at their market prices. Excludes
CONSUMER CHOICE INVOLVING RISK: The traditional theory of consumer behaviour does not include an analysis of uncertain situation. Von Neumann and Morgenstern showed that under
The goal is to replicate a real life product development and familiarize students with the invent process of a system, component, or process to meet desired wants within realistic
Market intervention by government Government intervenes in various degrees in different countries. Free economy is almost non-existent in the modem world. In real world, the form,
1) Describe (with an example) how trading can lead to an increase in world output if countries specialize in the good in which they have a comparative advantage. How does the intr
what are the recommendations for effective economic planning?
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