What was the result of the Federal Reserve tightening credit and Congress adopting the Smoot-Hawley Tariff?
Ans: worsened the economic situation
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Consider two individuals, Jesse and April, who hand paint kites and snowboards. Table 3.1 shows how much of each good Jesse and April can paint in one hour. April's opportunity cost of painting one snowboard is painting
A) 1.5 kites. B) 3 kites. C) 4 kites. D) 12 kites.
If the government requires a natural monopoly to price at marginal cost,
a. monopoly firms will earn zero economic profits because the price of the good equals the cost of producing that good. b. monopoly firms will operate at a loss because P < AC. c. more firms will be able to enter the market. d. producer surplus will increase because quantity supplied is greater.
If M = 9,000 . P = 6, and Y = 1,500, what is velocity?
a. 0.167. b. 1. c. 4. d. 36.
The market mechanism satisfies all consumer desires and maximizes business profits.
Answer the following statement true (T) or false (F)