Each nation's International Monetary Fund (IMF) quota subscription is based on
A) its national income.
B) its share in world trade.
C) its public debt.
D) its trade surplus.
A
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The fact that output gaps will not last indefinitely, but will be closed by rising or falling inflation is the economy's:
A. income-expenditure multiplier. B. self-correcting property. C. short-run equilibrium property. D. long-run equilibrium property.
Which of the following is a necessary condition for government subsidies to influence a firm to choose an output level as if it were a Stackelberg leader?
A) The subsidy must be announced before the firms choose output levels. B) The subsidy must be equal to the firm's marginal cost. C) The subsidy must be equal to the firm's rival's marginal cost. D) The firm does not have any fixed costs.
Because government bodies have the power to impose limits on how much of a resource is consumed:
A. it can be efficiency enhancing in markets for common resources. B. it will always cause deadweight loss. C. they decide what is the "right" amount for the public to consume. D. they will often correct a market before testing the effectiveness of social norms to correct the problem.
Which of the following is true?
a. Inflation and unemployment rates can both decrease in the short run in response to negative supply shocks. b. Inflation and unemployment rates cannot both increase or both decrease in the short run in response to changes in aggregate demand. c. Inflation and unemployment rates can both increase in the short run in response to positive supply shocks. d. All of the above are true.