5. when you are comparing living standards of the population in two countries you would like to use which of the two (a) GDP (b) GDP per capita, which is very similar to Per Capita Income. Explain why. 6. In each of the following situations, which of the following should be contacted (WTO, GATT, World Bank, IMF) a. Malaysia has discovered 'oil' and would like to set up a petroleum refinery which costs more than a billion dollars. b. Indonesia seems to suffer from a chronic Balance of Payments problem and would like to fund the deficit. c. The USA and European Union have a conflict over tariffs on steel coming into USA 7. In the year 1982 India experienced a downturn in its economy, and suddenly its highly productive steel industry was unable to sell its product in the local Indian market, and huge inventories built up. The Indian steel manufacturers then 'unloaded' this excess stock on the 'rest of the world' at prices well below the cost of manufacturing to get rid of the excess stock. Question: This type of international selling is referred to as" 8. Many East European countries have faced Balance of Payments deficits and have therefore imposed a condition on importers in their country: Their governments have imposed the if they s of the