In general, in the 19th century, America
(a) was a low tariff nation because it was believed that free trade brought specialization, efficiency and more rapid economic growth.
(b) was a nation that kept its tariffs at about the same levels as England so as not to give the British an advantage.
(c) was a high tariff nation which believed, from the days of Alexander Hamilton, that America's industry needed protection from the more industrially advanced England.
(d) had a moderate level of tariffs, compared with England, whose main purpose was to provide the federal government with revenues.
(d)
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Under a fixed exchange standard, if the domestic demand for foreign exchange increases
A) the central monetary authority must meet the demand out of its reserves. B) the central monetary authority must increase the supply of domestic money. C) the fixed exchange standard will breakdown. D) inflation will increase. E) the domestic currency must be depreciated.
A budget-constrained public enterprise may behave quite differently when entry is barred than it would when new entry is allowed
Indicate whether the statement is true or false
The maximin criterion seeks to minimize the maximum payoffs in order to win.
Answer the following statement true (T) or false (F)
A normal good is one:
What will be an ideal response?