Under the Bretton Woods system, participating countries（）
A. pegged their currencies to the U.S. dollar
B. maintained a fixed exchange rate with gold
C. allowed their currencies to float freely
D. pegged their values to the British pound
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Which of the following is the best definition of monetary order（）
A. a set of laws that establishes the framework for the economy to settle and conduct transactions
B. a set of rules for how money will be printed and counted within an economy
C. the policies that govern what will be considered money in an economy
D. the policies that establish the exchange rate system in an economy
When the central bank is focusing on internal balance, their main target in the economy is（）
A. a desired level of real GDP
B. a balance of payments equilibrium
C. a certain level of real money balances
D. reducing government debt
When the short run effect of an increase in aggregate demand results in a rise in the nominal exchange rate（）
A. exchange rate overshooting has occurred
B. the policy assignment problem is the likely culprit
C. monetary and fiscal authorities must renegotiate their roles in the economy
D. the long run equilibrium has likely increased as well
To derive the external balance relationship under high capital mobility and floating exchange rates, an increase in government spending must be followed by（）
A. an increase in money stock to restore the balance of payments equilibrium
B. a decrease in money stock to restore the balance of payments equilibrium
C. a depreciation of the currency to restore the balance of payment equilibrium
D. a decrease in investment spending to restore the balance of payments equilibrium
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