________ are money-like assets that are held by governments and that are recognized by governments as fully acceptable for payments between them.
A. Official domestic assets
B. Official international reserve assets
C. Unofficial international assets
D. Unofficial reserve assets
Answer: B
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An unplanned economy operating under laissez faire
a. allocates resources by market supply and demand. b. cannot respond to basic questions about production and distribution. c. shows breakdowns with frequent surpluses and shortages. d. allocates goods and services under government subsidy.
Which of the following is not generally considered a failing of market economies?
a. Market economies can have severe swings from boom to bust. b. Market economies tend to underprovide public goods. c. Market economies tend to promote equity at the expense of efficiency. d. Market economies can misallocate resources when property rights are ill defined.
Which of the following is NOT a reason why the United States did NOT sign the Kyoto Protocol?
a. We still do not understand all the consequences of policy actions that affect global warming. b. Meeting the Kyoto targets would negatively affect the U.S. economy. c. Kyoto failed to include the developing countries, especially China and India. d. There was not enough cash incentive being provided to the United States to sign the protocol.
Absolute advantage is a comparison among producers based on productivity.
Answer the following statement true (T) or false (F)