A lender of last resort is a financial institution that is willing and able to lend to:
a. individuals who have other debts outstanding
b. individuals who do not have a positive net worth.
c. banks that are not members of the Federal Reserve System.
d. fractional reserve system banks experiencing runs on their deposits.
e. Federal Reserve System member banks experiencing runs on their deposits.
d
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An estimate of a household's long-run average income is called permanent income
Indicate whether the statement is true or false
Currently Belize, a country in Central America, has a small coffee industry but does not export any coffee
Suppose the government of Belize, in order to protect the new coffee industry to enable it to grow into a mature industry that can compete in world markets, places a tariff on the importation of coffee. What is the argument that has been used to support the tariff on coffee? A) the infant-industry argument B) the dumping argument C) protection of Belize coffee workers D) to prevent rich countries from exploiting developing countries