The Monetarist transmission mechanism through which monetary policy affects the price level, real GDP, and employment depends on the:
a. indirect impact of changes on profit expectations.
b. direct impact of changes in the money supply on aggregate demand.
c. direct impact of changes in fiscal policy on aggregate demand.
d. indirect impact of changes on the interest rate.
b
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The process of making the best of our limited resources by doing the things we are best at and hiring other people to do the things we are not particularly good at is called
A) absolute advantage. B) comparative advantage. C) specialization. D) protectionism.
An English auction ends when ________
A) no bidder is willing to bid any higher B) a bidder accepts the price announced by the auctioneer C) a bidder bids above the market price of the good D) a bidder bids below the starting bid
The Smoot-Hawley Tariff Act of 1930 has generally been associated with
A) falling tariffs. B) free trade. C) intensifying the worldwide depression. D) recovery from the worldwide depression. E) non-tariff barriers.
A list of automatic stabilizers in the United States economy would NOT include
A. income taxes. B. unemployment compensation. C. agricultural support payments. D. defense spending.