Which of the following represents one or more of the key goals and objectives of the Fed?
a. Promotion of low-priced foreign imports
b. Restoration of scarce and depletable natural resource stocks
c. Promotion of U.S. corporate interests overseas
d. High levels of employment, economic growth, and stability in prices
d
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A statement that argues that "if taxes on gasoline increase, gasoline consumption will decrease" is an example of what kind of statement?
A) a marginal statement B) a macroeconomic statement C) a normative statement D) a positive statement E) a statement that violates rational choice
Product differentiation and internal economies of scale yield gains from trade in the form of
A) lower production costs and a greater variety of goods. B) higher profits and lower trade costs. C) the proximity-concentration effect. D) a proliferation of competitive firms. E) the substitution of immigration for foreign direct investment.
Monopolistically competitive firms use product differentiation to increase the price elasticity of demand
a. True b. False
If a nation's terms of trade rises from 95 to 106, then we can conclude
a. the gains from international trade are reduced b. the ratio of export to import prices must have decreased c. its imports have become relatively cheaper compared to its exports d. its purchasing power is now lower than before e. that 106 is impossible because the terms of trade cannot exceed 100