Which of the following is FALSE about the International Monetary Fund (IMF)?
A) The IMF was created after the Bretton Woods Conference to help to maintain the international fixed exchange rate system that was introduced.
B) The IMF lends to national governments, initially to maintain the fixed exchange rate system, and today to deal with debt or currency crises.
C) Multinational corporations can get IMF loans if they agree to invest in economies that are internationally perceived as risky and otherwise unlikely to receive direct foreign investment.
D) One of the criticisms of the IMF and other international governmental organizations that deal with the global economy is that their decision making may be biased toward policies that favor industrialized nations.
C
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If the demand for labor ________, real wages fall and the amount of labor employed ________
A) increases; increases B) increases; decreases C) decreases; increases D) decreases; decreases
The economist who recognized that lags in policy can explain the difficulty in conducting monetary policy was
A) Adam Smith. B) John Nash. C) Milton Friedman. D) Joseph Schumpeter.
In the above figure, if the minimum wage is set at $2 per hour, what quantity of labor is employed?
A) 100 million hours B) 200 million hours C) 300 million hours D) 400 million hours
Suppose pigs (P) can be fed corn-based feed (C) or soybean-based feed (S) such that the production function is P = 2C + 5S. The expansion path depends
a. on the price of corn-based feed only. b. on the price of soybean-based feed only. c. on neither the price of corn-based or soybean-based feed. d. on whether the price of corn-based feed is greater than or less than 2/5 the price of soybean-based feed.