Quotas and tariffs provide the same outcome: restriction of international trade and higher prices for consumers
a. True
b. False
Indicate whether the statement is true or false
True
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The reason why some economists believe that attempts by the Fed to surprise the public in a systematic way cannot be successful is that
A) information about the Fed's plans will inevitably be leaked to the public. B) the Fed announces its goals before Congress and publishes its policy actions in the Federal Reserve Bulletin six weeks after they take place. C) the public would eventually figure out what the Fed's policies were, negating the Fed's surprise. D) competition in the money markets would neutralize the Fed's intervention.
Which of the following is the largest component of M1?
A) traveler's checks B) savings deposits C) checking deposits D) currency
The actual value of the price elasticity of demand is always
A) positive because of the law of demand. B) negative because of the law of demand. C) positive because of diminishing marginal utility. D) negative because percentages can only be negative.
Gross domestic product (GDP) is
A. the sum of consumption expenditure, investment, government expenditure on goods and services, and net exports. B. the value of all final goods and services produced in a country during a year. C. All of these. D. the sum of compensation of employees, proprietors' income, net interest, rental income, corporate profits, depreciation, and indirect business taxes minus subsidies