The National Industrial Recovery Act, passed in 1933, was an attempt to
a. break monopolies and cartels, and introduce competition into several different industries.
b. fix prices, wages, and quotas for several industries in an effort to keep prices high.
c. lower corporate taxes and remove collusive behavior in an effort to keep U.S. firms competitive with foreign manufacturers.
d. create a stable economic environment that would encourage investment and expansion in the industrial sector of the economy.
B
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Assume that after you graduate, you move to a simple economy in which only three goods are produced and consumed: fish, fruit, and meat
Suppose that on January 1, fish sold for $2.50 per pound, meat was $3.00 per pound, and fruit was $1.50 per pound. At the end of the year, you discover that the catch was low and that fish prices had increased to $5.00 per pound, but fruit prices stayed at $1.50 per pound, and meat prices had actually fallen to $2.00. Can you say what happened to the overall CPI, in terms of whether it increased, decreased, or stayed the same? Do you have enough information to calculate the inflation rate? Note, this problem requires no calculation; just state and explain your answers.
In the IS model, assuming that the real interest rate does not change, an increase in autonomous ________ leads to an increase in the equilibrium level of ________
A) investment; consumption B) consumption; investment C) net exports; investment D) all of the above E) none of the above
An economic system is
A) the universe of all resources. B) a way to create new resources. C) a mechanism to allocate scarce resources. D) an organization that generates profits.
An import quota is an example of
A) a price ceiling. B) a price floor. C) a queuing device. D) a quantity restriction.