The balance of payments consists of the
A) current account, capital account, and gold flows.
B) current account, official reserve transactions account, and monetary account.
C) current account, capital account, and official reserve transactions account.
D) capital account, official reserve transactions account, and recent account.
Answer: C
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When a central bank targets inflation, its inflation targets are usually specified as
A) a specific inflation rate target, for example, 1 percent. B) the short-term interest rate minus 2 percent. C) a point on the short-run Phillips curve. D) a range for the inflation rate. E) deviations from the inflation rate.
The reason why weaker firms accept price leadership is that they
a. maximize profit that way b. get an equal share of the market c. can collude to eventually challenge the dominant firm d. are protected from price competition e. can lower their prices to increase market share without upsetting the price leader