According to Walton and Rockoff, the Recession of 1937 and 1938

question 11

Multiple Choice

According to Walton and Rockoff, the recession of 1937 and 1938 could be attributed to ______ and ______.

• A) the decline in world trade fostered by German and Japanese policies of self sufficiency, open market gold sales by the Federal Reserve.
• B) increases in taxes, open market gold sales by the Federal Reserve.
• C) increases in taxes, increases in bank required reserve ratios.
• D) the decline in world trade fostered by German and Japanese policies of self sufficiency, increases in bank required reserve ratios.