In late-2008, Congress rejected a proposed trade pact with Chile tied to
A. a bailout of the U.S. tobacco industry.
B. an overhaul of the U.S. Postal Service.
C. a rescue package for the U.S. auto industry.
D. negotiations with Colombian drug lords.
Answer: C
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The Fed buys $20,000 of government securities. The desired reserve ratio is 5 percent and the currency drain ratio is zero. What will be the change in the quantity of money?
A) $400,000 B) $20,000 C) $19,000 D) $5,000 E) $399,980
Long-run economic profits are most likely to be earned in
A) perfect competition and oligopoly. B) perfect competition and monopoly. C) monopoly and oligopoly. D) oligopoly and monopolistic competition. E) perfect competition and monopolistic competition.
An implicit cost is
A) a nonmonetary opportunity cost. B) a cost that involves spending money. C) a cost unique to sole proprietorships. D) a cost unique to corporations.
In a free-market economy, the pricing mechanism always operates to
a. produce an equitable distribution of income. b. provide an efficient allocation of resources. c. correct any inequality in distribution of output. d. equate consumers' desires with ability to pay.