The Euro, like the European Monetary Union which preceded it, is
A) opposed by most politicians.
B) favored by most economists.
C) likely to improve the use of monetary policy to deal with contractionary shocks which strike only one or two countries in Europe.
D) all of the above.
E) none of the above.
E
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According to the classical model, changes in aggregate demand are driven by
a. changes in taxes. b. changes in borrowing and lending. c. changes in fiscal policy. d. demand curve to the left and increases the price level.
In 1902, total government expenditures at all levels of government were around _____
a. 10 percent of GDP b. 20 percent of GDP c. 30 percent of GDP d. 40 percent of GDP
The U.S. balance of trade: a. typically is positive since the United States exports far more goods than it imports. b. is the difference between merchandise exports and merchandise imports
c. includes net military transactions. d. Both b. and c. are correct.
When a perfectly competitive firm experiences positive economic profits in the short run
A. the high barriers to entry prevent further competition. B. existing firms exit the industry. C. new firms enter the industry. D. firms have no incentive to exit or enter the industry.