Which of these faulty economic policies was adopted by President Hoover during the Great Depression?
a. An increase in tax rate
b. An increase in trade barriers
c. A decrease in tax rate
d. A decrease in government spending
e. An increase in government spending
a
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If the income multiplier is 4, then 0.5 is equal to the marginal propensity to consume
Indicate whether the statement is true or false
Juanita, a lawyer, can type faster than Jill, her secretary. Jill, on the other hand, does not have the ability or skills to practice law. Applying the principles of international trade to this situation, an economic consultant advises Juanita to
a. fire Jill, practice law and do the typing because she's better at both b. practice law and leave all the typing to Jill c. divide her time equally between typing and practicing law d. quit law and concentrate on typing because that's her comparative advantage e. quit law and concentrate on typing because that's her absolute advantage
Older Americans living on a pension and therefore on a fixed income tend to be made
A. better off when prices rise. B. better off when inflation rates rise. C. worse off when prices rise. D. worse off when prices fall.
Which of the following can be considered a free-trade zone?
A. the industrialized OECD nations B. countries that are members of GATT C. all English-speaking nations D. the European Union