The current role of the International Monetary Fund is one of
A. supervising a system of fixed exchange rates.
B. providing assistance to countries with currency or debt problems.
C. setting exchange rates based on a gold-exchange standard.
D. acting as a lender of last resort to central banks.
Answer: B
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A decrease in the supply of dollars on the foreign exchange market, all else equal, will result in:
A) appreciation of the U.S. dollar and depreciation of the foreign currency. B) appreciation of the U.S. dollar and appreciation of the foreign currency. C) depreciation of the U.S. dollar and depreciation of the foreign currency. D) depreciation of the U.S. dollar and appreciation of the foreign currency.
Inefficiency in an economy can be caused by
a. misallocating resources. b. underemploying resources. c. discrimination. d. All of the above are correct.
The assumption under perfect competition of a "homogeneous product" means that
A. that no firm can charge more than another for its product. B. the good one firm produces is very different than the good another produces. C. the good one firm produces is exactly the same as the good another firm produces. D. that no buyer will pay more for one firm's good than another's.
Many biologic drug manufacturers are pushing for patent protection to be extended to 12 years before generics are allowed to be introduced to the market. This reflects which of the following barriers to entry?
A) network externalities B) entry blocked by government action C) economies of scale creating a natural monopoly D) control of a key resource