The law that created the high level of tariffs in United States in the 1930s is
A) the GATT Act.
B) the World Trade Act.
C) the Smoot-Hawley Act.
D) the Tariffs Agreement Act.
Answer: C
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On a Phillips curve diagram, a decrease in the rate of inflation, other things being equal, is represented by a(n):
a. upward movement along the Phillips curve. b. downward movement along the Phillips curve. c. upward shift of the Phillips curve. d. downward shift of the Phillips curve.
When interest rates are higher:
a. the opportunity cost of holding monetary assets is higher, and the quantity of money demanded, but not the demand for money, is lower. b. the opportunity cost of holding monetary assets is higher, and the demand for money increases c. the opportunity cost of holding monetary assets is lower, and the quantity of money demanded, but not the demand for money, is greater. d. the opportunity cost of holding monetary assets is lower, and the demand for money increases.
The two words economists use most often are
a. inflation and trade. b. supply and demand. c. competition and prices. d. markets and equilibrium.
Vault cash is not included in the central bank's liability category of currency because:
A. vault cash is in the asset category of reserves. B. vault cash really is only electronic funds. C. only non-bank currency is in the liability category of currency. D. it is the liability of the U.S. Treasury.