Most members of the European Union _____.
(A) Only import and export goods using a flexible exchange rate system.
(B) Imposed high tariffs on all exports beginning in 1986.
(C) Have switched their currencies to the euro.
(D) Only trade goods with neighboring countries.
Ans: (C) Have switched their currencies to the euro.
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A worker pays a tax for Social Security at a constant rate up until a certain level of income is reached. Beyond that income level, no more Social Security tax is paid. The Social Security tax is an example of a
A) progressive tax. B) regressive tax. C) proportional tax. D) sales tax.
If a union succeeds in forcing employers in a perfectly competitive product market to increase wages above the equilibrium level, then the level of unemployment
A) will increase. B) will remain constant. C) will decrease. D) may increase or decrease.
A market in which resources are traded is known as a(n)
a. factor market b. perfectly competitive market c. open market d. closed market e. equilibrium market
If a positive permanent supply shock were to occur, the resulting equilibrium would be a:
A. higher level of output at lower prices. B. lower level of output and prices. C. higher level of output and prices. D. lower level of output at higher prices.