According to Walton and Rockoff, the recession of 1937 and 1938 could be attributed to ______ and ______
a. the decline in world trade fostered by German and Japanese policies of self sufficiency, open market gold sales by the Federal Reserve
b. increases in taxes, open market gold sales by the Federal Reserve
c. increases in taxes, increases in bank required reserve ratios
d. the decline in world trade fostered by German and Japanese policies of self sufficiency, increases in bank required reserve ratios
c. increases in taxes, increases in bank required reserve ratios
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In the circular flow diagram, households supply __________ to business firms.
Fill in the blank(s) with the appropriate word(s).
Which of the following is a component of aggregate demand?
A. Net exports B. Taxes C. Government revenues D. Income
The most important source of state tax revenue is the _____ tax.
A. property B. income C. excise D. sales
Refer to the graph below. If the industry were purely competitive, then the market price would be:
A. $25, which is higher than what the price would have been if the industry were a monopoly
B. $25, which is lower than what the price would have been if the industry were a monopoly
C. $20, which is higher than what the price would have been if the industry were a monopoly
D. $20, which is lower than what the price would have been if the industry were a monopoly