A Reference Group

question 71

Multiple Choice

A reference group

• A) is one in which you have face-to-face contact with others.
• B) includes any group in which you are a member.
• C) serves as a standard for social comparison.
• D) is characterized by all of these.

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Definitions:

Exchange Controls

Restrictions that a government may impose over the quantity of foreign currency demand by its citizens and firms and over the rate of exchange as a way to limit the nation’s quantity of outpayments relative to its quantity of inpayments (in order to eliminate a payments deficit).

Flexible Exchange Rates

Foreign exchange system where the value of currencies is determined by supply and demand in the forex market, without direct government intervention.

Services Trade

The exchange of services between countries, including sectors such as finance, insurance, transport, and tourism.

Goods Trade

The act of buying, selling, or exchanging tangible products between countries or within a country.