What are the three main lessons on crisis learned from early developing countries in Latin America?
A) choosing the right exchange rate regime, the importance of contagion and the importance of the banking system
B) choosing the right real rate, the importance of following exchange rates, and keeping prices high to make the most profit
C) pegging exchange rates with Euros, keeping labor cost and wages low
D) maintaining money supply, avoiding tariffs, and increasing output
E) maintaining money supply, avoiding inflation, and increasing production
Question 2
The Marshall-Lerner Condition states that, all else equal
A) nominal appreciation improves the current account if export and import volumes are sufficiently elastic with respect to the real exchange rate.
B) real depreciation improves the current account if export and import volumes are sufficiently inelastic with respect to the real exchange rate.
C) real appreciation improves the current account if export and import volumes are sufficiently elastic with respect to the real exchange rate.
D) real depreciation improves the current account if export and import volumes are sufficiently elastic with respect to the real exchange rate.
E) the sum of import and export elasticities must be equal to one in order for depreciation to occur.
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