What is the shape of the long-run supply curve in an increasing-cost industry?

The Fed would be pursuing a contractionary monetary policy if it was

A) selling bonds in the open market. B) lowering the differential between the discount rate and the federal funds rate. C) selling dollars in foreign exchange markets. D) lowering the reserve requirement.

The colonies as a whole had a significant commodity import deficit in their trade with England. The least important source of foreign exchange earnings to offset this trade deficit was:

a. insurance charges and merchant commissions. b. the sale of ships. c. the sale of colonial shipping services. d. payment for slaves.