Under the Bretton Woods Agreement, the goal of the IMF was to
A) finance international transactions in gold.
B) lend to countries experiencing balance of payment deficits.
C) help less developed countries advertise their goods in the developed countries.
D) provide oversight to the functioning of central banks in the member countries.
Answer: B
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Mercantilism was a system in which all of the following were true except:
A. governments limited growth by protecting monopolies. B. governments encouraged growth by supporting trading activities. C. economic rather than social forces controlled the central economic decisions. D. political rather than social forces controlled the central economic decisions.
If a bank has $1,000,000 in reserves and checking deposits of $3,000,000, what is the bank’s reserve position if the required reserve ratio is 20 percent?
A. The bank has $500,000 of required reserves and $500,000 of excess reserves. B. The bank has $600,000 of required reserves and $400,000 of excess reserves. C. The bank has $400,000 of required reserves and $600,000 of excess reserves. D. The bank has $200,000 of required reserves and $800,000 of excess reserves.
Market power is the power to produce at the lowest cost.
Answer the following statement true (T) or false (F)
As new firms enter a monopolistically competitive industry, the demand
A. curve facing each firm begins to shift to the right but the marginal revenue curve remains constant. B. and marginal revenue curves facing each firm begin to shift to the right. C. and marginal revenue curves facing each firm begin to shift to the left. D. curve facing each firm shifts to the left, but the marginal revenue curve remains constant.