Which of the following is NOT one of the determinants of the gains of adopting a single currency?
A) A well-synchronized business cycle involving all member countries
B) The possibility of factors of production to freely move across borders
C) The willingness and ability of member countries to design policies to address regional imbalances that may develop
D) Widening the common market by allowing other countries to join
D
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According to Okun's law, if output grew 7% and full-employment output rose 5%, what would be the change in the unemployment rate?
A) -4 percentage points B) -1 percentage point C) 1 percentage point D) 4 percentage points
A firm that is the sole seller of a product without close substitutes is
a. perfectly competitive. b. monopolistically competitive. c. an oligopolist. d. a monopolist.
A car sold from a used car lot
A. would only be counted in Gross Domestic Product (GDP) if it was a foreign made car. B. would be counted in Gross Domestic Product (GDP). C. would fall under net exports, and would then be counted in Gross Domestic Product (GDP). D. would not be counted in Gross Domestic Product (GDP).
Mr. Burns buys only lobster and chicken. Lobster is a normal good, while chicken is an inferior good. When the price of lobster rises, Mr. Burns buys
a. less of both goods. b. more lobster and less chicken. c. less lobster and more chicken. d. less lobster, but the impact on chicken is ambiguous.