A tax on imported goods is called a(n)
a. excise tax.
b. tariff.
c. import quota.
d. None of the above is correct.
b
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Among its duties, the Federal Reserve ________.
A. collects taxes from the commercial banks B. is responsible for regulating and supervising the banks C. uses loans from the commercial banks to increase the money supply D. provides deposit insurance for commercial bank customers
The basis for trade is comparative advantage, not absolute advantage
Indicate whether the statement is true or false
The nominal interest rate is:
A. the everyday notion of the interest rate adjusted for inflation. B. the reported interest rate, adjusted for the effects of inflation. C. the amount of interest the bank charges you for saving or pays you for borrowing. D. the amount of interest the bank pays you for saving or charges you for borrowing.
A _________________ in an Edgeworth Exchange box identifies all the efficient ways of dividing the two goods between the consumers.
Fill in the blank(s) with the appropriate word(s).