Which of the following is true of the crises experienced in the 1990s?
a. Most of the economic crises occurred in Mexico.
b. Each of the countries affected by the crisis in Southeast Asia owed substantial long-term debt to foreigners.
c. During this time, bank loans were a sizable fraction of GDP in all the crisis countries except Mexico.
d. Stock prices dropped by an amount ranging from 21 percent in Malaysia to 35 percent in Korea.
e. Exchange rate against the U.S. dollar dropped substantially in the Philippines.
c
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The lowest wage for which a person is willing to supply labor is known as the
A) substitution wage. B) income effect. C) derived wage. D) reservation wage.
An excess quantity supplied can be corrected by
A) a fall in price. B) legally fixing the price at its present level. C) a decrease in demand. D) an increase in supply.
There have been no major banking panics in the U.S. since the creation of the Federal Reserve System
a. True b. False
Consider the following items. A? $1,000 balance in a transactions deposit at a mutual savings bank. This item is counted in