Which of the following measures to resolve financial crises involves loan commitments to assist a country in getting through a crisis?
A. A rescue package
B. Debt restructuring
C. Loan amortization
D. Debt repudiation
Answer: A
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Refer to Figure 4-9. What is the area that represents producer surplus after the imposition of the price floor?
A) B + E + F B) A + B + E C) B + E D) B + C + D + E
Market failures
A) prevent the price system from attaining economic efficiency. B) result in quantities and prices that are socially desirable. C) strengthen economic efficiency by forcing unprofitable firms to close. D) weaken the argument for government intervention in the economy.
Long time lags hamper the effectiveness of economic policy because: a. people don't want to wait for economic recovery
b. the longer unemployment lasts, the more intense inflation becomes. c. by the time the impact of a policy is felt, a new problem may have come along that requires a different policy, which may make the economic situation even worse. d. if inflation is allowed to continue for too long, it becomes immune to policy interference. e. if unemployment is allowed to continue for too long, it becomes immune to policy interference.
If a country voluntarily agrees to have its companies import more goods from another country, the country has
A. a mandated tariff. B. a voluntary restraint agreement (VRA). C. a mandated agreement. D. a voluntary import expansion (VIE) agreement.