The charter of the Bank of the United States was not renewed in 1811 in part because:
a. Thomas Jefferson, who was president at the time, believed it to be unconstitutional.
b. of years of general instability in the value of currency.
c. of instability and uncertainty in the expansion of credit.
d. of fears of foreign ownership and manipulation.
d. of fears of foreign ownership and manipulation.
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The increase in spending that occurs because domestic goods become cheaper relative to foreign goods when the price level falls is known as the
A) interest rate effect. B) price effect. C) international trade effect. D) wealth effect.
Use the following graph, where Sd and Dd are the domestic supply and demand curves for a product, to answer the next question.
The world price of the product is $6. If an import quota of 40 units is imposed on the product, then the equilibrium price would be_____ and the quantity consumed would be ________ units.
A. $6; 80 B. $12; 50 C. $10; 60 D. $8; 70