The industrial North wanted the _______ to buy their goods rather than import goods from ________ so they erected ____________ tariffs.
Fill in the blank(s) with the appropriate word(s).
South; Europe (or England); protective
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A change in the reserve requirement is used infrequently by the Fed because it
A) does not affect bank reserves. B) does not influence the money supply. C) is disruptive to the banking system. D) does not affect the money multiplier.
When scarce resources can serve only one user at a time in sequence, which method works well for allocating the scarce resources?
A) first come, first served B) lottery C) contest D) command system
When a firm experiences economies of scale, its ________ cost curve slopes ________ as output increases
A) long-run average; downward B) short-run average total; downward C) short-run marginal cost; downward D) long-run average; upward
Which of the following will cause a decrease in market equilibrium price and an increase in equilibrium quantity?
A. A decrease in demand B. A decrease in supply C. An increase in demand D. An increase in supply