What was the result of the Bretton Woods Conference?
(A) The creation of a fixed exchange-rate system for the United States and much of Western Europe.
(B) The creation of NAFTA.
(C) The creation of a flexible exchange-rate system for the United States and much of Western Europe.
(D) The creation of the euro.
Ans: (A) The creation of a fixed exchange-rate system for the United States and much of Western Europe.
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A measure of the change in the stock of real and financial assets held by a country's residents in a foreign country and by foreigners in the given country is called the:
A) current account. B) financial account. C) national income product account. D) none of the above.
A reason why the CPI overstates the cost of living is it
A. makes no attempt to ascertain what average people buy. B. makes no attempt to control for substitution to cheaper goods. C. makes no attempt to update the market basket. D. only measures the effects of inflation on the poor.