In 1930, the U.S. government attempted to help domestic firms that were harmed by the Great Depression by
A) establishing the General Agreement on Tariffs and Trade (GATT).
B) passing the Smoot-Hawley Tariff.
C) establishing the World Trade Organization (WTO).
D) passing the North American Free Trade Agreement (NAFTA).
Answer: B
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Economic growth requires
A) private foreign investment. B) domestic budget deficits. C) investment in human capital. D) governance according to the will of whoever is in charge.
Economists use ____ economic analysis to understand an individual market. They then use ____ economic analysis to guide future national economic policy
a. b and d b. macro; micro c. positive; normative d. normative; positive
Which of the following is the Fed's most common way to change the money supply?
a. Moral suasion b. The discount rate c. The required reserve rate d. Open market operations
Which of the following would be included in the GDP of the United States?
A. Boeing builds a plane in Seattle that is sold to Air Canada. B. Planet Hollywood serves customers in a restaurant in Hong Kong. C. Nestle produces a candy bar in Switzerland that is sold in San Francisco. D. General Motors produces a car in Germany that is sold in Michigan.