The Smoot-Hawley Tariff Act of 1930, like any tariff act, increased the price of the taxed imported goods as well as the domestic price of U.S. goods and services produced in the industries favored by the tariff
Consequently, any tariff negatively impacts U.S. consumers by forcing them to pay higher prices. Indicate whether the statement is true or false
True
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Which of the following correctly identifies characteristics of land and capital?
A) Land and capital can both be rented and owned. B) Land is rented, whereas capital is owned. C) Land can be owned or rented, whereas capital can only be owned by a firm. D) Capital can be owned or rented by a firm, whereas land can only be owned by a firm.
Some claim that ratings agencies have a conflict of interest since:
A) they rate the quality of their own bonds B) since agencies charge firms for their services rather than investors, they have an incentive to give high ratings to gain business C) government began to include bond ratings as part of regulations of mutual funds, banks, and financial firms D) they issued many of the mortgages that were later securitized into bonds
If aggregate demand equals aggregate supply, macroeconomic equilibrium exists
a. True b. False Indicate whether the statement is true or false
Which of the following is most likely to cause the productivity of labor to increase?
a. a higher rate of investment in human and nonhuman capital b. more flexible working hours and improved retirement plans c. an increase in the proportion of the workforce that belongs to a labor union d. higher money wages