The Smoot-Hawley Tariff
a. was a major cause of the Great Depression.
b. was the last of America's high "protective" tariffs.
c. made a bad situation slightly worse.
d. caused a psychological effect that destroyed the banking system.
e. Only b and c are correct.
e. Only b and c are correct.
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For a perfectly competitive syrup producer whose average total cost curve does not change, an economic profit could turn into an economic loss if the
A) market demand for syrup decreases. B) marginal cost curve shifts downward. C) market demand for syrup does not change. D) market demand for syrup increases. E) price of syrup rises.
Households ________ factors of production and ________ goods and services
A) demand; supply B) demand; demand C) supply; supply D) supply; demand
Assume that the expectation of declining housing prices cause households to reduce their demand for new houses and the financing that accompanies it. If the nation has highly mobile international capital markets and a flexible exchange rate system, what happens to the quantity of real loanable funds per time period and reserve-related (central bank) transactions in the context of the
Three-Sector-Model? a. The quantity of real loanable funds per time period falls, and reserve-related (central bank) transactions remain the same. b. The quantity of real loanable funds per time period falls, and reserve-related (central bank) transactions become more negative (or less positive). c. The quantity of real loanable funds per time period rises, and reserve-related (central bank) transactions remain the same. d. There is not enough information to determine what happens to these two macroeconomic variables. e. The quantity of real loanable funds per time period falls, and reserve-related (central bank) transactions become more positive (or less negative).
A market equilibrium might not maximize total economic surplus because:
A. in a market equilibrium individuals do not exploit all opportunities for individual gain. B. sometimes goods entail costs and benefits that do not fall on buyers and sellers. C. in a market equilibrium individuals do not act rationally. D. efficiency is not an important social goal.