Why did the U.S. government use rationing for some foods and consumer goods during World War II?
a. to guarantee each civilian a minimum standard of living in wartime
b. to keep sellers from raising prices on necessary goods
c. to earn more money to support the military
d. because the English government had also declared rationing
Ans: a. to guarantee each civilian a minimum standard of living in wartime
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Suppose the world price of a shirt is $10. If the United States imposes a tariff of $5 a shirt, then the price of a shirt in the
A) world rises to $5. B) United States rises to $15. C) United States falls to $5. D) world rises to $15 E) world falls to $5.
Adverse selection is a problem associated with equity and debt contracts arising from
A) the lender's relative lack of information about the borrower's potential returns and risks of his investment activities. B) the lender's inability to legally require sufficient collateral to cover a 100% loss if the borrower defaults. C) the borrower's lack of incentive to seek a loan for highly risky investments. D) the lender's inability to restrict the borrower from changing his behavior once given a loan.
In which one of these years was the U.S. poverty rate the lowest?
A. 1960 B. 1964 C. 1973 D. 1983
If the Fed wished to decrease inflation, it could:
A. increase the reserve requirement or conduct an open market sale. B. increase the reserve requirement or conduct an open market purchase. C. decrease the reserve requirement or conduct an open market sale. D. decrease the reserve requirement or conduct an open market purchase.