What is the mission of the International Monetary Fund (IMF)?
What will be an ideal response?
The IMF was established after World War II to help maintain international financial stability. When nations join the IMF, they all must deposit funds called quota subscriptions, measured in an accounting unit called special drawing rights. Quotas are based on each nation's national income. The IMF can lend these funds in an effort to solve financial problems arising from fluctuations in trade, investor loss of confidence in a nation's financial system, or spillover effects from financial problems originating elsewhere.
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John Maynard Keynes wrote that economies can suffer recession or depression for many years if the government does not intervene.
Answer the following statement true (T) or false (F)
Which of the following statements is correct?
a. The demand for medicine is more elastic than the demand for sailboats. b. The demand for iPads is more elastic than the demand for tablets in general. c. The demand for cell phones is more elastic over a short period of time than over a long period of time. d. All of the above are correct.
An economy in which output has decreased and prices have increased would suggest that there has been a:
A. negative demand side shock. B. negative supply side shock. C. positive demand side shock. D. positive supply side shock.
Monopolistically competitive firms do not differentiate their products by:
A. changing the products' physical characteristics. B. selling products at different locations. C. offering different levels of service that come with a product. D. charging different prices to different groups of consumers.