The Smoot-Hawley tariff triggered a trade war during the Great Depression of the 1930s
Indicate whether the statement is true or false
TRUE
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A perfectly competitive producer's demand curve is:
a. a horizontal line. b. also the market-demand curve. c. downward sloping but more elastic than the market-demand curve. d. a vertical line. e. upward sloping.
Causality is clear and mechanical with the quantity theory of money. If M increases because:
A. V and Q are variable, the price level, P, increases. B. V and Q are variable, the price level, P, decreases. C. V and Q are constant, the price level, P, increases. D. V and Q are constant, the price level, P, decreases.
Many developing countries face a balance of payments constraint because:
A. they fail to implement exchange rate policy correctly. B. they hold too few international reserves. C. they hold too many international reserves. D. the IMF forces them to adopt policies that are counterproductive.
By drawing a demand curve with price on the vertical axis and quantity on the horizontal axis, economists assume that the most important determinant of the demand for a good is
A) consumer income. B) consumer tastes and preferences. C) the price of the good. D) the quality of the good.