A large and sudden currency depreciation is widely known as:
a. a managed float.
b. a crawling peg.
c. an exchange rate or currency crisis.
d. a free float.
Ans: c. an exchange rate or currency crisis.
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In economics, the term physical capital
A) refers to funds used by businesses to acquire goods and services. B) refers to all manufactured resources used for production. C) refers to the process of raising funds through the stock market. D) defines the stock of merchandise already produced.
According to the Bureau of Labor Statistics, the Consumer Price Index was
A. never intended to measure increases in the cost of living, but many use it that way. B. never intended to measure increases in the cost of living and no one uses it that way. C. always intended to measure increases in the cost of living and does precisely that. D. only intended to measure increases in the cost of living for a small segment of society.
Keynesian macroeconomic theory has been summarized as the idea that
A. supply creates its own demand. B. demand creates its own supply. C. demand quickly adjusts in order to accommodate changes in the quantity of output. D. full employment is assured in long-run equilibrium.
The winner in a first-price sealed-bid auction pays an amount equal to ________
A) his bid B) the second-highest bid C) half of his bid D) the lowest bid