Suppose the following information describes the economy:Government purchases of goods and services1,000Household saving2,000Government transfers and interest payments500Tax collections1,500Business saving2,500Private saving equals ________; public saving equals ________; national saving equals ________.
A. 500; -1,500
B. 4,500; 0
C. 4,500; 1,000
D. 1,000; 1,000
Answer: B
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The Smoot-Hawley Tariff Act of 1930, like any tariff act, increased the price of the taxed imported goods as well as the domestic price of U.S. goods and services produced in the industries favored by the tariff
Consequently, any tariff negatively impacts U.S. consumers by forcing them to pay higher prices. Indicate whether the statement is true or false
If prices rise within a country, then, other things equal, the value of a unit of domestic currency will:
a. rise in both the domestic and the foreign exchange markets. b. fall in both the domestic and the foreign exchange markets. c. rise in the domestic market and fall in the foreign exchange market. d. fall in the domestic market and rise in the foreign exchange market. e. fluctuate unpredictably in both domestic and foreign exchange markets.
As one moves down a straight-line demand curve, the elasticity increases
a. True b. False Indicate whether the statement is true or false
Sonya lives in a country where most companies are free to produce and sell whatever they want. However, the government regulates prices for utilities and healthcare, and restricts unfair sales practices and manufacturing processes that harm the environment. Which type of economy does Sonya’s country have?
a. traditional b. command c. market d. mixed