The Washington Consensus refers to
a. agreements between Republicans and Democrats
b. guidelines for limiting government intervention, supported by the World Bank andInternational Monetary Fund
c. the agreement as to where to locate the U.S. government
d. guidelines for providing U.S. aid to developing-country governments
e. guidelines for providing federal aid to state and local governments
B
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If marginal cost increases when output increases, then
A) marginal product must decrease when output increases. B) average fixed cost is constant. C) total cost is constant. D) average variable cost must increase when output increases. E) average total cost must decrease when output increases.
All of the following describe the market for credit default swaps on mortgage-backed securities in the mid-2000s EXCEPT
A) an increasing number of buyers were speculators. B) AIG apparently underestimated the risk involved with mortgage-backed securities. C) the volume of credit default swaps was too low making it difficult to assess their value. D) payments by buyers were too low relative to risk.