The recession of 1937-38 could be blamed on
A. both the Roosevelt Administration and the Federal Reserve Board.
B. neither the Roosevelt Administration nor the Federal Reserve Board.
C. the Roosevelt Administration, but not the Federal Reserve Board.
D. the Federal Reserve Board, but not the Roosevelt Administration.
A. both the Roosevelt Administration and the Federal Reserve Board.
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An auto service station has four mechanics. If the marginal revenue product of the fourth worker is $375 per day and the mechanics are paid $150 per day, the firm
A. can make a greater profit by laying off some of the mechanics. B. can make a higher profit by hiring more mechanics C. is maximizing profits. D. will reduce its profits if it hires more mechanics.
Suppose there is a policy debate regarding the United States’ imposing trade restrictions on imported tires.
A congresswoman from a state with several tire factories argues that the United States should threaten to impose a tariff on Chinese tires in order to induce the Chinese to remove its tariff on American cars. Which of the following justifications is the congresswoman using to argue for the trade restriction on tires? a. Infant-industry argument b. Jobs argument c. National-security argument d. Using-protection-as-a-bargaining-chip argument e. Unfair-competition argument
In the two-period model with production, an increase in anticipated future total factor productivity
A) has no effect on domestic output, but reduces the current account surplus. B) increases domestic output and increases the current account surplus. C) reduces domestic output, and increases the current account surplus. D) has no effect on domestic output, but increases the current account surplus.
A change in relative factor prices will always result in
A) a change in the slope of the isoquants. B) a tangency between the new isocost line and a new isoquant. C) a rotation of the isocost lines. D) All of the above.