What is the International Monetary Fund and what are its primary goals?
What will be an ideal response?
The International Monetary Fund is an international agency whose primary goals are to stabilize international exchange rates and to lend money to countries that have problems financing their international transactions.
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A general medium of exchange tends to
A) reduce transaction costs. B) make bartering more effective. C) reduce the incentive to specialize and pursue one's comparative advantage. D) accomplish all of the above. E) accomplish none of the above.
A country will export wheat if, with no international trade, ______
A. it produces a surplus of wheat B. its opportunity cost of producing wheat is below the world price C. its domestic price of wheat exceeds the world price D. other countries have a shortage of wheat
If gold becomes acceptable as a medium of exchange, the demand for gold will ________ and the demand for bonds will ________, everything else held constant
A) decrease; decrease B) decrease; increase C) increase; increase D) increase; decrease
A consumption good that would be counted in GDP would be a:
A. new bicycle. B. vintage bottle of wine purchased at an auction. C. A newly issued stock. D. washing machine purchased at a garage sale.