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Effective exchange rate
| Глоссарий терминов коммунальных услуг |
An average exchange rate for currencies of trading partners weighted to reflect the importance of each country based on value of traded goods. it is expressed as an index number.
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Эффективный обменный курс, русский
Средний обменный курс валют торговых партнеров, взвешенный с целью отражения значимости каждой страны в зависимости от стоимости торгуемых товаров. выражается в виде индекса.
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Importance, английский
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Laissez faire, английский
An economic philosophy opposing governmental intervention beyond the minimum necessary for the maintenance of peace and property rights in the belief that markets are the best organizers of economic activity.
Vickery auction, английский
An auction in which competing buyers submit sealed bids. as usual, the highest bidder wins, but for a vickery auction, he or she pays the amount bid by the next highest bidder. named after a nobel-winning economist who noted that bidders can safely bid their top value, since (if they win) they will receive a surplus that depends on the next highest bid. in bidding for a contract, the winner is the company with the lowest costs (since the bidders do not have to guess at what others are going to bid). thus, competing bidders reveal their true best price.
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