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Why do consumers reduce their buying after an economic downturn has started quizlet?
Why do consumers reduce their buying after an economic downturn has started? Because they fear they may lose their jobs, Because prices of goods have already fallen, and they fear a further fall.
Which of the following would happen if the Federal Reserve raises the reserve requirement?
By increasing the reserve requirement, the Federal Reserve is essentially taking money out of the money supply and increasing the cost of credit. Lowering the reserve requirement pumps money into the economy by giving banks excess reserves, which promotes the expansion of bank credit and lowers rates.
Which economist argued that waiting for the economy to self correct was foolish?
Classical economists like Adam Smith believed the economy was self-correcting in the long run.
What does Hazlitt say about the rate of tax imposed by inflation?
What does Hazlitt say about the rate of tax imposed by inflation? The rate is not a fixed one and cannot be determined in advance.