Under the Bretton Woods Agreement, the goal of the IMF was to
A) finance international transactions in gold.
B) lend to countries experiencing balance of payment deficits.
C) help less developed countries advertise their goods in the developed countries.
D) provide oversight to the functioning of central banks in the member countries.
B
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When the total U.S. production of goods and services is divided into consumption goods and services, capital goods, government goods and services, and export goods and services, the largest component is
A) consumption goods and services. B) capital goods. C) government goods and services. D) export goods and services. E) capital goods and government goods and services tie for the largest component.
Which of the following is true of long-run equilibrium price in a monopolistically competitive market?
A) It is equal to average total cost. B) It is less than average total cost. C) It is higher than average total cost. D) It is lower than marginal cost.
A price floor policy establishes a minimum price for a market. Which of the following results from a binding price floor?
A. Shortage B. Excess demand C. Excess supply D. Equilibrium
Other things the same, the aggregate quantity of output supplied will increase if the price level
a. is lower than expected so that firms believe the relative price of their output has increased. b. is lower than expected so that firms believe the relative price of their output has decreased. c. is higher than expected so that firms believe the relative price of their output has increased. d. is higher than expected so that firms believe the relative price of their output has decreased.