At the time monetary union in Europe began in 1999, which of the following countries declined to participate?
A) France
B) United Kingdom
C) Italy
D) Germany
B
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The evolution of macroeconomic theory
A) usually precedes and causes major macroeconomic events. B) usually is in reaction to major macroeconomic events. C) is evenly divided between causing and reacting to major macroeconomic events. D) proceeds rather independently of major macroeconomic events.
An externality is defined as
a. an opportunity cost that is not considered, which causes inefficiency. b. a social cost that affects parties external to a transaction. c. a transaction which imposes a loss on one of the parties involved. d. a "cost of doing business" that cannot be allocated to any particular good. e. the increase in cost associated with increased production.
GDP does not measure the economic well-being of a nation because:
a. some things which contribute to well-being have no price tag b. GDP places no value on leisure c. ecological costs are not netted out of GDP d. All of the above are correct.
In order to simplify the equation for the multiplier to its familiar, relatively simple form, we make use of the
a. assumption that increases in government purchases have no effect on consumer spending. b. assumption that the feedback effects associated with changes in government purchases become negligible after two or three rounds of spending have occurred. c. empirical evidence that points to a value of about 3/4 for the MPC. d. fact that the multiplier effect is represented by an infinite geometric series.