The Reciprocal Trade Agreement Act of 1934
a. increased the level of tariffs in the United States.
b. was the first in a series of retaliatory trade acts passed by Congress.
c. was the first in a series of Congressional acts reducing tariffs.
d. increased the level of tariffs in the United States AND was the first in a series of retaliatory trade acts passed by Congress.
c. was the first in a series of Congressional acts reducing tariffs.
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Keynes believed that
A) Say's law would hold in a laissez-faire economy. B) the economy would always be near or on its production possibilities frontier. C) wages and prices are often inflexible in the downward direction. D) the equilibrium level of output will always be at the full-employment level of output.
The distribution of surplus gained from private parties solving an externality problem on their own, as described by the Coase theorem, is dependent on:
A. who has more power to see to enforcement. B. which party has more negotiating power or wealth. C. where the initial rights of the parties lie. D. None of these statements is true.
If supply is upward-sloping and demand is downward sloping, what happens to the equilibrium real risk-free interest rate and quantity of real loanable funds per time period if there is a decrease of the real money supply and an increase in the government's budget deficit?
a. The real risk-free interest rate rises and the quantity per time period falls. b. The real risk-free interest rate rises and the quantity per time period rises. c. The real risk-free interest rate does not change and the quantity per time period rises. d. The real risk-free interest rate is uncertain and the quantity per time period rises. e. The real risk-free interest rate is rises and the quantity per time period is uncertain.
For which of the following goods are services are prices least sticky?
A. Taxi fares. B. Haircuts. C. Microwave ovens. D. Airline tickets.