Explain the meanings of the following concepts
(a) Demonstration effect
(b) Transfer pricing
(c) New International Economic Order
(d) Debt-service ratio
From your readings of Todaro and Smith Chapter 14, what are the differences between official development assistance (public foreign aid) and private development assistance from nongovernmental organizations (NGOs)? Which type of aid is more desirable from the perspective of recipient countries? Explain your answer.
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