Write an essay on the role of Congress in U.S. trade policy since 1930
What will be an ideal response?
Congress has authority to set trade policy. However, the Smoot-Hawley tariff, which came about because of logrolling in Congress, has lead Congress to cede some of its powers to the President on a temporary basis. Recently, Congress has sought to reimpose itself by encouraging individual industries to seek protection under a variety of measures, and by mandating more automatic policy actions on the part of the President.
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Refer to Figure 11-1. Using the per-worker production function in the figure above, the largest changes in an economy's standard of living would be achieved by a movement from
A) A to B to C. B) C to B to A. C) B to C to D. D) D to C to B.
With a price floor:
A. producer surplus will increase if profits increase. B. producer surplus will increase is profits fall. C. producer surplus will decrease if profits increase. D. producer surplus always decreases.
Suppose that the central bank must follow a rule that requires it to increase the money supply when the price level falls and decrease the money supply when the price level rises. If the economy starts from long-run equilibrium and aggregate demand shifts right, the central bank must
a. decrease the money supply, which shifts aggregate demand further right. b. decrease the money supply, which shifts aggregate demand left. c. increase the money supply, which shifts aggregate demand further right. d. increase the money supply, which shifts aggregate demand left.
There is 5 percent average tax on imported goods in the United States. This tax is known as a(n) ________.
A. tariff B. quota C. income tax D. sales tax