Which of the following had resulted from the Smithsonian agreement of 1971?
a. Devaluation of the U.S. dollar
b. Dissolution of a fixed exchange rate regime
c. Appreciation of the U.S. dollar
d. Establishment of an equilibrium exchange rate
e. Laissez-faire in the foreign exchange market
a
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The preceding table gives monthly production information for Peter's Peanuts, a firm in a perfectly competitive industry. The market price of peanuts is $2.00 per pound. What is the value of marginal product from employing the third worker?
A) $800 B) $1,200 C) $2,000 D) $4,800
The actual government budget deficit ________ be used to determine the effectiveness of discretionary fiscal policy actions because ________
A) cannot; it excludes non-discretionary spending changes B) can; it includes non-discretionary spending changes C) cannot; it includes non-discretionary spending changes D) can; it excludes automatic stabilization expenditures
Suppose there are 200 firms in a perfectly competitive market and each maximizes profit at 120 units of output when market price is $5.00 per unit. One of the points on the market supply curve must be at:
A. Price = $1,000 and Quantity supplied = 320. B. Price = $5 and Quantity supplied = 24,000. C. Price = $1,000 and Quantity supplied = 24,000. D. Price = $5 and Quantity supplied = 320.
Planned aggregate expenditure in an open economy equals
A. C + I + G + EX + IM. B. C + I + G + EX - IM. C. C + I + G - IM. D. C + I + G + EX.