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AFRICAN DEVELOPMENT BANK: A regional multilateral development institution engaged in promoting the economic development and social progress of its member countries in Africa. The Bank, established in 1964, started functioning in 1966 with its Headquarters in Abidjan, Cote d' lvoire. The Bank borrows funds from the international money and capital markets. Its shareholders are the 53 countries in Africa as well as 24 countries in the Americas, Europe, and Asia.
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TERMS OF TRADE The rate at which goods are traded, either between individuals or between nations. It is the quantity of one good exchanged per unit of another good. The terms of trade is essentially the price. But the price is stated in terms of the quantity of another good. Like any market price, the terms of trade is based on what the buyers are willing to pay and what the sellers are willing to accept. The terms of trade between any two countries is based on the relative opportunity cost in each country.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time browsing about a thrift store hoping to buy either car battery jumper cables or a dozen high trajectory optic orange golf balls. Be on the lookout for strangers with large satchels of used undergarments.
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John Maynard Keynes was born the same year Karl Marx died.
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"You just don't luck into things as much as you'd like to think you do. You build step by step, whether it's friendships or opportunities. " -- Barbara Bush, first lady
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VAT
Value Added Tax
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