Which of the following is not true about a special drawing right (SDR)?
a. The SDR is a composite currency.
b. The value of the SDR is an average of the values of the currencies of major industrial countries.
c. The SDR was created in 1980 by the World Bank.
d. The SDR is an international reserve asset.
e. The SDR is used to settle international debts.
c
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From the Monetarist perspective, the aggregate supply curve is
A) vertical. B) horizontal. C) sensitive to changes in the money supply. D) sensitive to changes in consumption.
The difference between producer surplus and profit is always the associated with
A) opportunity costs. B) total costs. C) variable costs. D) fixed costs.
The most basic concept of economics is
A) self-interest. B) scarcity. C) demand. D) rationality.
Wheat is sold in world markets, usually priced in terms of bushels. In the market for wheat, the price elasticity of demand for wheat would be expressed as
A) the number of bushels of wheat sold. B) the number of whatever currency is used in purchasing the wheat. C) the number of dollars spent on wheat. D) a unitless number.