Assets denominated in foreign currency and use in international transactions are referred to as:
A) foreign money
B) international reserves
C) international monetary base
D) foreign exchange
B
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A time series graph
A) uses bars rather than lines. B) is not useful if the goal is to determine a variable's trend. C) shows points that are scattered. D) depicts a series of good economic times a nation had. E) shows how a certain variable changes over time.
A rise in the price of a substitute in production for a good leads to
A) an increase in the supply of that good. B) a decrease in the supply of that good. C) no change in the supply of that good; instead there is a change in the quantity supplied. D) a decrease in the quantity of that good supplied. E) no change in either the supply or the quantity supplied of the good.
The General Agreement on Tariffs and Trade (GATT) was established in
a. 1870 to protect U.S. industries and decrease world trade b. 1921 to manage legal and accounting requirements for U.S. tariffs and quotas c. 1947 to reduce trade restrictions among 23 countries d. 1973 to increase trade restrictions, after OPEC significantly raised oil prices e. 1990 to create a common market
Foreign repercussions of changes in domestic spending may cause:
a. the GDP gap to be larger than the recessionary gap. b. the equilibrium income to increase by an amount equal to the change in net exports. c. the actual spending multiplier to be larger than the reciprocal of the marginal propensity to save plus the marginal propensity to import. d. equilibrium income to rise by a smaller amount than evidenced by the multiplier effect of autonomous spending increase. e. the real GDP to be larger than potential GDP.