The collapse of the Thai currency, the baht, was partially due to:
A. information provided by the central bank of Thailand.
B. information not provided by the central bank of Thailand.
C. the European Central Bank.
D. inaction by the Federal Reserve.
Answer: B
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When the Fed purchases government securities from a commercial bank, the bank
a. loses its ability to make loans. b. automatically becomes poorer. c. loses equity in the Fed. d. receives reserves that can be loaned out.
A year-long drought that destroys most of the summer's crops would be considered a:
A. short-run supply shock. B. long-run demand shock. C. long-run supply shock. D. short-run demand shock.
A feature of monopolistic competition is:
A. considerable control over price. B. homogeneous or standardized products. C. a patent-protected product. D. nonprice competition.
Marginal revenue equals
A) total revenue divided by output. B) price times quantity, divided by average revenue. C) total revenue divided by average revenue. D) the change in total revenue from selling one more unit.