The present value of an ordinary annuity of $2,350 each year for eight years, assuming an opportunity cost of 11 percent, is ________

All agreements are contracts.

a. true b. false

When a reserve currency country runs a balance of payments deficit and a nonreserve currency country buys the reserve currency to finance the reserve country's deficits, the monetary base in the nonreserve country ________ and the monetary base in

the reserve country ________. A) increases; decreases B) increases; does not change C) decreases; does not change D) decreases; increases