Economics Questions and Answers

A partnership may be defined as a type of business organization in which two to twenty persons agree legally to setup and manage a business outfit with the sole aim of making profit. The people involved in partnership agreement are called partners and they share the profit, losses and risk of
the business.
A family owned business is any business in which two or more family members are involved and the majority of ownership or control lies within a family.

Balance of payments policies: The policies include devaluation, demand management, and controls of various types, all of which have frequently featured in International Monetary Fund (IMF) programmes, either in terms of their encouragement or discouragement.

A customs union is generally defined as a type of trade bloc which is composed of a free trade area with a common external tariff. Customs unions are established through trade pacts where the participant countries set up common external trade policy (in some cases they use different import quotas).

Foreign exchange control is the procedure by which a government intervenes in the foreign exchange market, banning or restricting sales and purchases of local currencies by non-residents as well as sales and purchases of foreign currencies by residents. When there is no foreign exchange to engage in international trade, imports will fall.

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