Answer the following statements true (T) or false (F)
1. Historically, the international trade policies of the United States favored many import restrictions until the early 1930's.
2. The Hawley-Smoot Tariff Act of 1930 promoted free trade by calling for tariff reductions in excess of 30 percent on agricultural products.
3. The Export-Import Bank is owned by 150 nations, including the United States.
4. Chile has been invited to join the European Union.
5. The Uruguay round of GATT negotiations was encumbered by strong disagreements over reducing domestic support of agriculture and subsidies of agricultural exports.
1. TRUE
2. FALSE
3. FALSE
4. FALSE
5. TRUE
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The Federal Reserve System began operating in 1914, finally
(a) giving the U.S. its first 100 percent gold-backed paper money. (b) creating a privately-owned system for clearing checks on a national scale. (c) giving the U.S. its first government-owned central bank. (d) giving the U.S. its first unified currency issue, the Federal Reserve Note.
Which of the following examples involves variable costs
a. Last year, Gerard Industries paid $2 million for raw materials. b. Gerard Industries pays $100,000 a year for rent. c. Gerard Industry just made an annual insurance payment of $50,000. d. The property tax rate for Gerard Industries remains at 2 percent.