The recent flexible exchange rate system developed because of:
a. the controversies generated by trade surplus nations wanting to devalue their currencies
b. the huge debts owed to the IMF by less-developed countries.
c. governments were unable to agree on an alternative to a fixed-rate approach when the Bretton Woods system collapsed.
d. the controversies generated by trade deficit nations wanting to raise the value of their currencies.
c
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Real GDP is
A) an increase in the average level of prices. B) the value of total production when the unemployment rate is 6 percent. C) the value of total production of all the nation's farms, factories, shops and offices measured in the prices of a single year. D) the value of total production of all the nation's farms, factories, shops and offices measured at the prices of the year it was produced.
An example of ad valorem taxation is
A) a luxury tax. B) the corporate profit tax. C) the personal income tax. D) the Social Security tax.