Which of the following is NOT an official reserve asset for the United States?
A) Monetary gold
B) British pounds
C) SDRs from the IMF
D) Mexican pesos
D
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Jason needs help getting ready for the next test in his economics course and would like to hire Maria, an economics tutor to help him
Jason is willing to pay $30 for the first hour of tutoring, $25 for the second, $20 for the third, $15 for the fourth, and $10 for the fifth. The equilibrium price for tutoring is $15 per hour. For how many hours of tutoring will Jason hire Maria? Why this amount of hours? What is Jason's consumer surplus, if any, from the tutoring? What is Maria's consumer surplus from the tutoring?
Which of the following is not a common mistake made by consumers?
A) the failure to ignore sunk costs B) being overly pessimistic about their future behavior C) the failure to take into account the implicit costs of an activity D) being overly optimistic about their future behavior
Under a favorable business environment and if the economic outlook of the future looked promising ________
A) firms might spend more for any given inflation rate B) planned investment might increase leading to a higher equilibrium level of output C) the aggregate demand curve would likely shift to the right D) all of the above E) none of the above
If firms in a competitive market are identical, the long-run market supply curve is horizontal
Indicate whether the statement is true or false