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Official Reserve Account:This part of the balance of payments informs us about how the balance of both current and capital accounts taken together is settled.Transaction in this section is called accommodating transaction. They are accommodating transaction because the funds are to make the balance of payments balance. When the net balance on the current and capital accounts is in deficit, the deficit must be settled with an equal net credit in the official reserve account. If on the other hand, a country has a surplus, the surplus must be used up to balance the balance of payments.
Long Run Average Cost (or LAC) -Constant Returns to Scale If the input is doubled, the output will double and average cost is constant at all the levels of output.
1- Explain how a policy mix (like the one used in 1990s) could help reduced to eliminate the budget deficit without having an adverse effect on the output. Illustrate your answer
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The demand for every productive resources is a derived demand. By derived demand it is meant that it is the output of the resource and not the resource itself for which is a deman
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TRADE policy: The well known economist D. H. Robertson has immortalized the role of trade in development with his famous statement that "trade is an engine of growth". The pol
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