If a country with a fixed exchange rate faces a fundamental disequilibrium because it has a large, ongoing surplus in it official settlements balance, which of the following policies can it employ to try to achieve external balance?
A. Impose import barriers
B. Raise interest rates
C. Allow the exchange rate to float
D. Obtain a loan from the IMF
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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.
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.
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