In 2002, President Bush imposed a tariff on imported steel. He did so in response to rent seeking by
A) domestic steel consumers.
B) domestic steel producers.
C) foreign steel consumers.
D) foreign steel producers.
E) foreign politicians.
B
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The required reserve ratio ranges from
A) 0 to 3 percent. B) 0 to 7 percent. C) 3 to 30 percent. D) 0 to 10 percent.
The Federal Reserve Board of Governors
a. rotate each four years. b. are appointed by the President and confirmed by the Senate. c. are elected by popular vote. d. hold lifetime appointments.
Sensitivity analysis is restricted to natural sciences.
Answer the following statement true (T) or false (F)
If the price level is fixed, changes in nominal income and changes in real income ______.
a. have an inverse relationship because there are no changes in aggregate supply. b. remain equal because there is no rate of inflation to account for. c. remain equal because aggregate income will neither rise nor fall. d. have an inverse relationship because full employment has been reached.