The Bretton Woods agreements in 1944
A. established the International Monetary Fund.
B. sanctioned world trade on the gold-exchange system.
C. allowed nations to devalue their currencies under certain conditions.
D. All of the above are correct.
Answer: D
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A perfectly competitive firm will maximize profit when the quantity produced is such that the
A) firm's total revenue is equal to total cost. B) firm's marginal revenue is equal to the price. C) firm's marginal revenue is equal to its marginal cost. D) price exceeds the firm's marginal cost by as much as possible. E) firm's marginal revenue exceeds its marginal cost by the maximum amount possible.
A major criticism of static tax analysis is that it
A) uses only ad valorem taxes. B) does not use ad valorem taxes. C) ignores the incentive effects created by higher tax rates. D) assumes that the tax base will not increase.
The capital stock of an economy increases _____
Fill in the blank(s) with the appropriate word(s).
Which question is an example of a microeconomic question?
A. What should the Federal government do to reduce the trade deficit with Japan? B. Will the merger of two airlines likely lead to higher cost of air travel in the economy? C. What factors are contributing to the steep rise in the federal government's total debt? D. Will the inflation rate remain relatively stable this year?