The Maastricht treaty was the first step toward
A. gaining credibility for monetary policy.
B. European monetary union.
C. reducing the costs of disinflation.
D. having free trade between Russia and China.
Answer: B
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Describe the government's flows in the circular flow model of the economy
What will be an ideal response?
When the price per ticket is P*, there are empty seats at a university’s basketball arena. From this, we can conclude that
A. P* is greater than the equilibrium price. B. P* is less than the equilibrium price. C. P* is the equilibrium price. D. it’s not possible to determine anything about the equilibrium price with this information.
Variables measured at current market prices are nominal, rather than real. In what sense are nominal variables unreal?
What will be an ideal response?
With positive externalities, _____
a. the market equilibrium occurs at a greater quantity than the socially optimal output b. net social welfare is maximized c. the social benefit curve lies above the private benefit curve d. there is no deadweight loss