When a group of countries agree to share a common currency, they are said to have formed a
A. monetary alliance.
B. currency union.
C. monetary cartel.
D. welfare state.
Answer: B
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In the figure above, international trade ________ total surplus in the United States by ________
A) increases; $1.92 billion B) decreases; $2.56 billion C) increases; $4.8 billion D) decreases; $3.6 billion
Social insurance taxes and individual income taxes comprise more than 80 percent of federal revenues
a. True b. False
An expansionary gap generally creates inflationary pressure in an economy
a. True b. False Indicate whether the statement is true or false
If an economy is producing at a point on the production possibilities curve it represents: a. full employment of existing resources. b. the gains from trade that an economy can enjoy
c. the maximum amount of two goods that can be produced with existing resources. d. decreasing opportunity costs of producing both goods. e. overutilization of existing resources.