The longest and most severe recession in the United States since 1925 began in:
A. 1929.
B. 1957.
C. 1945.
D. 1982.
Answer: A
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A free trade agreement plus a common set of tariffs toward non-members is called
A) a common market. B) a customs union. C) a free trade area. D) an economic union. E) a partial trade agreement.
The total revenue curve of a perfectly competitive firm
a. is horizontal b. is vertical c. has a diminishing slope as output increases d. has an increasing slope as output increases e. has a constant slope as output increases
A bank currently has checkable deposits of $100,000 . total reserves of $30,000 . and loans of $70,000 . If the required reserve ratio is lowered from 20 percent to 15 percent, this bank can increase its loans by:
a. $10,000. b. $15,000. c. $75,000. d. $5,000. e. $0.
In the open-economy macroeconomic model, if the supply of loanable funds shifts right, then
a. the supply of dollars in the market for foreign-currency exchange shifts left. b. the supply of dollars in the market for foreign-currency exchange shifts right. c. the demand for dollars in the market for foreign-currency exchange shifts left. d. the demand for dollars in the market for foreign-currency exchange shifts right.