What is a currency board?
a. A fixed exchange rate that, by law, exchanges domestic currency for a specified foreign currency at a fixed exchange rate.
b. A floating exchange rate.
c. A managed floating exchange-rate policy that the government adjusts periodically according to some economic indicator.
d. A laissez-faire exchange-rate policy.
e. An interventionist exchange-rate policy.
a
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Vineyards can grow either red wine grapes or white wine grapes on their land. Which of the following would cause the supply of red wine grapes to decrease?
A) an increase in the price of white wine grapes B) an increase in the demand for red wine grapes C) a decrease in the price of white wine grapes D) an increase in the price of red wine
Economic theory has traditionally focused on optimality in decision-making
a. True b. False Indicate whether the statement is true or false
The minimum points of the average variable cost and average total cost curves occur where the
a. marginal cost curve lies below the average variable cost and average total cost curves. b. marginal cost curve intersects those curves. c. average variable cost and average total cost curves intersect. d. slope of total cost is the smallest.
When there is no ________ advantage, there is no benefit from trading.
Fill in the blank(s) with the appropriate word(s).