When a nation's currency suddenly loses value, the ________ may step in to buy the afflicted currency
A) World Bank
B) International Monetary Fund
C) Federal Reserve Bank
D) United Nations
B
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A ____ total cost function yields a U-shaped average total cost function
a. cubic b. quadratic c. linear d. a and b only e. a, b, and c
The purchasing power parity theory is a good predictor of
a. all of the following b. the long-run tendencies between changes in the price level and the exchange rate of two countries c. interest rate differentials between two countries when there are strong barriers preventing trade between the two countries d. how intervention in exchange markets by central banks influences prices in various countries e. the day-to-day relationship between changes in the price level and the exchange rate of two countries
Technological development:
A. alters the nature of production and consumption. B. does not depend on economic incentives. C. does not depend on institutions. D. makes it impossible to obtain more of the same things.
Suppose in the city of Blacksburg, music stores operate in a monopolistically competitive market. If the price of CDs in Blacksburg is currently equal to $20 per CD and the average cost of CDs is $15, in the long run we expect the price of CDs to:
A. increase. B. stay the same. C. decrease, and the average cost of selling CDs to increase. D. decrease, and the average cost of selling CDs to decrease.