The official reserve account includes all of the following EXCEPT
A) gold.
B) SDRs.
C) foreign currencies.
D) silver and other precious metals.
D
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The three elements of a game are:
A. the model, the graph, and the costs. B. the firm, the consumers, and the profit. C. the players, the strategies, and the payoffs. D. the costs, the revenue, and the profit.
Suppose Jack and Kate are at the town fair and are choosing which game to play. The first game has a bag with four marbles in it-1 red marble and 3 blue ones. The player draws one marble from the bag; if it is red, they win $20 and if it is blue, they win $1. The second game has a bag with 10 marbles in it-1 red, 4 blue, and 5 green. The player draws one marble from the bag; if it is red, they win $20; if it is blue, they win $5; and if it is green, they win $1. Both games cost $5 to play. If Jack only cares about expected value, and not risk, he should decide to play a game if:
A. the expected value of the payoff is higher than the price to play the game. B. the expected value of the payoff is lower than the price to play the game. C. the expected value of the payoff is higher than the expected value of the payoff in the other game. D. the expected value of the payoff is double the price to play the game.
If a country has a floating exchange rate, it means their currency:
A. is set by the government. B. has a value determined by the market for loanable funds. C. can be freely traded and their value is determined by the market. D. All of these statements are true.
Which of the following indicates the number of workers who are willing to work but are unemployed at the optimal union wage rate in Figure 31.1?
A. 22. B. Zero. C. 14. D. 6.