What were some of the key features in terms of fiscal policy of the Stability and Growth Pact signed in 1997 by would-be members of the Euro?
What will be an ideal response?
The Stability and Growth pact: (1 ) committed countries to balance their budgets in the medium run; (2 ) countries avoid excessive deficits; and (3 ) imposed sanctions on countries that ran excessive deficits.
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Explain why the marginal cost of production must increase if the marginal product of a variable resource is decreasing
What will be an ideal response?
Which of the following is likely to have the most price elastic demand?
a. lattés b. doctor's visits c. eggs d. natural gas
The consumer price index is
a. not very useful as a measure of the cost of living. b. a perfect measure of the cost of living. c. a useful measure, but not a perfect measure, of the cost of living. d. not used as a measure of the cost of living.
Investment spending in the United States tends to be unstable because:
A. expected profits are highly variable. B. capital goods are durable. C. innovation occurs at an irregular pace. D. all of these contribute to the instability.