In the United States, the most recent use of wage and price controls occurred during the:
A. Nixon administration.
B. Carter administration.
C. Reagan administration.
D. Clinton administration.
Answer: A
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According to the quantity theory of money demand
A) an increase in interest rates will cause the demand for money to fall. B) a decrease in interest rates will cause the demand for money to increase. C) interest rates have no effect on the demand for money. D) an increase in money will cause the demand for money to fall.
Consider a linear, upward sloping supply curve. If the supply curve shifts upward, then:
A) the price elasticity of supply will increase. B) the price elasticity of supply will increase if the slope of the supply curve is greater than one. C) the price elasticity of supply will increase if the slope of the supply curve is greater than one and the lowest price needed to induce firms to supply anything is positive. D) the price elasticity of supply will be constant. E) none of the above
In the forex, the demand for dollars will increase if:
A. foreigners wish to buy U.S. goods. B. foreigners wish to sell U.S. financial assets. C. interest rates are lower in the U.S. relative to interest rates abroad. D. interest rates are equal in the US and abroad.
An example of a modern democratic government commandeering resources is
a. the military draft b. government subsidizing agriculture c. government engaging in transfer payments d. government food stamps e. government tax refunds