If a country with a fixed exchange rate is continuously losing foreign reserves, speculators will:
A. sell the country’s currency and buy foreign currency.
B. speculate that the country’s currency will be revalued.
C. buy the country’s currency and sell foreign currency.
D. lend foreign currency to the country’s central bank.
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A parallel or black market often arises as a result of which of the following?
A. Floating exchange rate regimes
B. Official intervention
C. Exchange controls
D. High domestic interest rates
Suppose under a gold standard the price of gold in the United States is $450 per ounce and the price of gold in the United Kingdom is 200£ per ounce. The exchange rate is thus:
A. 2.25£ per dollar.
B. $0.45 per pound.
C. $2.25 per pound.
D. 0.54£ per dollar.
The central feature of the Bretton Woods system was:
A. the use of a floating exchange rate regime.
B. official encouragement for one-way speculative gambles.
C. the use of capital controls.
D. the use of an adjustable pegged exchange rate regime.
Which of the following is currently a main function of the International Monetary Fund (IMF)?
A. To loan reserves to countries that are attempting to finance temporary payments deficits
B. To loan money to developing countries to allow them to carry out programs that will improve the standard of living
C. To house the world’s gold supply
D. To set bilateral exchange rate values
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