Which of the following statements concerning the International Monetary Fund is true?
a. The IMF was created to help finance economic development in poor countries.
b. One of the principal aims of the IMF is to discourage international trade and encourage countries to become self-sufficient.
c. The IMF lends money to countries experiencing large balance-of-payments surpluses.
d. When the IMF lends currencies, it always insists on the borrowing country taking action to reduce its balance-of-payments surplus.
e. The IMF obtains funds from annual membership fees charged to member countries.
e
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A baker can produce two products: cupcakes and pies. The table below is the baker's production possibilities schedule:Production Possibilities ScheduleProductABCDEFCupcakes01220365681Pies1086420A change from combination C to B means that
A. 8 cupcakes were given up to make 2 pies. B. 2 pies were given up to make 20 cupcakes. C. 8 cupcakes were given up to make 1 pie. D. 6 pies were given up to make 20 cupcakes.
The agreement that established Spain and Portugal's rights to explore various parts of the world was called:
a. the Treaty of Spain. b. the Treaty of Paris. c. the Treaty of Tordezillas. d. the Spanish-Portuguese Covenant. e. the London Accord.
A country sells more goods and services to foreign countries than it buys from them. It has
a. a trade surplus and positive net exports. b. a trade surplus and negative net exports. c. a trade deficit and positive net exports. d. a trade deficit and negative net exports.
[Appendix material: calculus required] Suppose total benefits and total costs are given by B(Y) = 150Y ? 10Y2 and C(Y) = 5Y2. Then marginal costs are:
A. 2.5Y. B. 5Y. C. 10Y. D. 25Y.