Special Drawing Rights (SDRs) are issued to governments by the ________ to settle international debts and have replaced ________ in international transactions
A) Federal Reserve System; gold
B) Federal Reserve System; dollars
C) International Monetary Fund; gold
D) International Monetary Fund; dollars
C
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If steel manufacturers expected that the price of steel was going to rise in the next six months, this would
a. have no change in the competitive market for steel b. lead to a decreased demand for steel c. lead to a decreased supply of steel d. increase the future demand for automobiles e. lead to a decrease in the quantity of steel supplied to the market
Company A manufactures a single automotive component. It had total revenue of $100,000 and an economic profit of $20,000 . What is the price of the component it manufactures?
a. ($100,000/quantity sold). b. ($100,000/quantity produced). c. ($100,000/quantity sold) ? average cost of the product d. ($100,000/quantity produced) ? average cost of the product
Define the following terms and explain their importance to the study of economics
a. principle of marginal productivity b. marginal physical product c. marginal revenue product d. derived demand e. economic rent
If higher tariffs and more restrictive quotas reduced the imports of the United States,
A) unemployment in the United States would decline. B) U.S. exports would also increase because foreigners would want to buy more from U.S. producers. C) U.S. exports would decline because foreigners would be earning fewer of the dollars needed to purchase goods and services from Americans. D) U.S. employment would increase.