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multiple equilibria (D5)<br />1 The state of market in which balances in several parts occur simultaneously. This is represented by a diagram with several points of intersection between, for example, when an aggregate supply curve is linear but the aggregate demand curve is S-shaped.<br /> 2 The coexistence in a national ECONOMY of a low-efficiency, low-output equilibrium and a high-efficiency, high-output equilibrium. multiple exchange rate (F3)<br />An exchange rate with different values according to the nature of the international transaction. Often, BALANCE oF PAYMENTS current account transactions are at a different rate from capital account transactions. Central banks allow these different rates because of the different pressures on parts of their balance of payments, e.g. needing imports of capital but not imports of luxury goods. Common examples of multiple rates are the existence of official and BLACK MARKET exchange rates in operation simultaneously and an official rate together with more favourable rates for industries being helped under an industrial policy.<br /><em>See also:</em> dual exchange rate
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cost ratio (M2)<br />The ratio to sales of factory costs, administrative costs, research and development costs, capital expenditure, selling costs or distribution costs.<br /> cost-utility analysis (Il)<br />A method of evaluating health programmes by calculating the cost per effect produced of a medical procedure or treatment. Effects are converted into preferences or utilities. It makes use of QUALITYADJUSTED LIFE YEARS.
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