Which countries joined the European Union (EU) in 2007?
A. The Czech Republic and Slovakia
B. Macedonia and Montenegro
C. Portugal and Spain
D. Bulgaria and Romania
Answer: D
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The questions that an economic system attempts to solve include
A) what to produce. B) how to produce items. C) for whom items are produced. D) all of the above.
Which of the following economies has the highest ratio of Social Security benefits to GDP in 2006?
a. Germany b. Netherlands c. Canada d. France e. United States
An example of a production possibilities frontier faced by every economy is the macroeconomic choice between production of consumer goods and services versus consumption and production of physical capital
a. True b. False Indicate whether the statement is true or false
Describe the impact of contractionary fiscal policy (such as a decrease in government spending) upon Real GDP in both a closed economy and an open economy. In which type of economy would the change in Real GDP be greater?