The amount of funds that a nation can withdraw from the International Monetary Fund depends upon
A) the rules set up by the World Bank.
B) whether it is seeking a long-term or short-term loan.
C) whether it is a developing nation or a developed nation.
D) its quota subscription.
D
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The double coincidence of wants problem is solved by
A) credit markets. B) government intervention. C) the use of money. D) specialization.
Which of the following is true of the model of monopolistic competition?
a. Barriers to entry enable firms to enjoy positive profits in the long run. b. The number of firms declines over time as a result of economies of scale. c. The monopolistically competitive firms enjoy a greater market power than a monopolist. d. Firms tend to locate near each other in order to minimize total travel costs for consumers. e. The firms end up charging same prices for their individual products.
In a market characterized by many sellers, assume that transaction costs for both buyers and sellers are both costlessly cut to zero. What will happen to total economic value?
a. Economic value will remain unchanged because the decrease in consumer surplus will offset the increase in producer surplus. b. Economic value will remain unchanged because the decrease in producer surplus will offset the increase in consumer surplus. c. Economic value will certainly increase but its magnitude will depend on the initial transaction costs of the market participants. d. Economic value will certainly decrease but its magnitude will depend on the initial transaction costs of the market participants.
Suppose there are both multiplier and crowding out effects but without any accelerator effects. An increase in government expenditures would
a. shift aggregate demand right by a larger amount than the increase in government expenditures. b. shift aggregate demand right by the same amount as the increase in government expenditures. c. shift aggregate demand right by a smaller amount than the increase in government expenditures. d. Any of the above outcomes are possible.