In America, classical liberalism was abandoned for a time, following the
a) signing of the Treaty of Versailles.
b) American Civil War.
c) assassination of President Kennedy.
d) stock market crash of 1929 and the Great Depression.
Answer: d) stock market crash of 1929 and the Great Depression.
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To contract the money supply, the Fed should
A) lower the required reserve ratio. B) increase government spending and cut taxes. C) reduce the differential between the discount rate and the federal funds rate. D) sell U.S. government securities.
Today, the United States charges an average tariff rate
A) which is greater than any other high-income country. B) that is more than its average tariff rate in 1930. C) of less than 1.5 percent. D) that exceeds 50 percent.
Between 1821 and 1930, the U.S. gained a comparative advantage in the production of agricultural goods
Indicate whether the statement is true or false
What is an example of the bidder's curse?
A) addiction to auctions B) paying less than the auctioned good value C) Bid a value that is higher than the price of the good at a retail store. D) Never win an auction.