France, Germany, and Italy are:
A. all members of the European Union but not the Euro system.
B. not members of either the Euro system or the European Union; they have their own economic union.
C. all members of the Euro system but not the European Union.
D. all members of the European Union and the Euro system.
Answer: D
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The smaller the reserve ratio the:
A. less a bank can loan out. B. smaller is the money multiplier. C. less money is created in the economy. D. greater the money is created in the economy.
A risk-loving individual would:
A. prefer a risky prospect with an expected value of $5 to a certain amount of $5. B. prefer $5 with certainty to a risky prospect with the expected value of $5. C. be indifferent between a risky prospect with an expect value of $5 and a certain amount of $5. D. prefer a risky prospect with the expected value of $0.50 to $5 with certainty.
The reason we are willing to accept money with no intrinsic value is that
A. paper currency may be exchanged for full-bodied money. B. the value of the money varies directly with changes in the price level. C. the money supply is backed by an equal amount of gold and silver. D. we have a fiduciary monetary system in which currency is widely acceptable.
What function is money serving when you use it when you go shopping?
A. A store of value B. A unit of account C. A medium of deferred payment D. A medium of exchange