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Open Economy Macroeconomics Test 11

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Open Economy Macroeconomics Test 11
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Weekly Quiz Competition
  • Question 1
    1 / -0
    Other things remaining unchanged, when in a country the price of foreign currency rises, national income is __________.
    Solution
    Other things remaining unchanged, when in a country the price of foreign currency rises, national income is likely to rise as it indicates that the greater flow of foreign exchange in the domestic economy promotes higher level of development. Hence, national income rises as the price of foreign currency rises.
  • Question 2
    1 / -0
    The value of US Dollar $$ $1$$ has gone down from $$Rs. 67$$ to $$Rs. 65$$. It means that ________________.
    Solution
    Depreciation of US dollar will occur when Rs 65 have to be paid to exchange one US Dollar instead of Rs 67 per dollar as less rupees are needed to buy one dollar. Whereas, Indian rupee has appreciated as it is a situation of rise of foreign exchange rate.
  • Question 3
    1 / -0
    Devaluation of currency means ____________________.
    Solution
    Devaluation of currency mainly occurs in countries with fixed exchange rate. It refers to the reduction in the value of domestic currency by the government.
  • Question 4
    1 / -0
    Other things remaining the same, when foreign currency becomes cheaper, the effect on national income is likely to be: 
    Solution
    Price of foreign exchange and growth of national income is directly related. When foreign currency becomes cheaper, it indicates that demand of foreign exchange is higher than the supply of foreign exchange. Hence, other things remaining the same, when foreign currency becomes cheaper, the effect on national income is likely to be negative.
  • Question 5
    1 / -0
    Under the gold standard, all currencies were defined in terms of _____________.
  • Question 6
    1 / -0
    The gold standard was the epitome of the _______________.
  • Question 7
    1 / -0
    The problem with the Bretton Woods exchange rate system was identified by Robert Triffin and was termed as _____________.
  • Question 8
    1 / -0
    _____________ exchange rate regime prevailed between 1870 to 1914.
  • Question 9
    1 / -0
    _____________ established an exchange rate system in 1971.
  • Question 10
    1 / -0
    The Gold Standard was from the period _______________.
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