All of the following are ways to control currency convertibility EXCEPT
A) import licenses
B) multiple exchange rates
C) import deposits
D) purchasing power parity
Ans: D) purchasing power parity
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The agreement that established Spain and Portugal's rights to explore various parts of the world was called:
a. the Treaty of Spain. b. the Treaty of Paris. c. the Treaty of Tordezillas. d. the Spanish-Portuguese Covenant. e. the London Accord.
When firms use resources in an attempt to secure and maintain grants of market protection from the government, it is called
a. rent-seeking. b. collusion. c. franchising. d. resource investment.
Which of the following components are involved in decisions made according to rational self-interest?
a. reminiscence; drawbacks; supply b. reminiscence; benefits; supply c. expectations; drawbacks; costs d. expectations; benefits; costs
The difference between scarcity and a shortage is
A) scarcity is caused by poverty and shortages are caused by natural disasters. B) shortages are a type of scarcity caused by natural disasters while scarcity is caused by human errors. C) scarcity always is a part of human life while shortages usually are temporary. D) shortages are always part of human life while scarcity is usually temporary.