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31. (TCO 7) During the financial crisis of 2007-2008, the FDIC increased deposit insurance
coverage from (Points : 4)
32. (TCO 7) The purchase and sale of government securities by the Fed is called (Points : 4)
33. (TCO 7) The Federal Reserve could reduce the money supply by (Points : 4)
34. (TCO 8) Which country is the United States largest trading partner in terms of volume
of trade? (Points : 4)
35. (TCO 8) The principal concept behind comparative advantage is that a nation should
(Points : 4)
36. (TCO 8) A tariff is a (Points : 4)
37. (TCO 8) Tariffs and quotas are costly to consumers because (Points : 4)
38. (TCO 8) Tariffs and import quotas would benefit the following groups, except (Points :
4)
39. (TCO 8) Which organization meets regularly to establish rules and settle disputes related
to international trade? (Points : 4)
40. (TCO 9) U.S. businesses are demanders of foreign currencies because they need them to
(Points : 4)
41. (TCO 9) In the balance of payments statement, a current account surplus will be matched
by a (Points : 4)
42. (TCO 9) A trade deficit means a net (Points : 4)
43. (TCO 9) Foreign exchange rates refer to the (Points : 4)
44. (TCO 9) When the exchange rate between pounds and dollars moves from $2 = 1 pound
to $1 = 1 pound, we say that the dollar has (Points : 4)
45. (TCO 9) The monetary system for conducting international trade is usually described as
a system of (Points : 4)
46. (TCO 8) a) Explain four problems with the argument that trade protection is needed to
protect American jobs. b) Describe the economic reasons why businesses use off shoring.
47. (TCO 6) a) Identify the four major tools of monetary policy. b) How can monetary policy
address the problem of inflation?