The Maastricht Treaty, signed in 1992, initiated:
A) European political integration.
B) an economic and monetary union that featured a common currency.
C) an alliance of nations who opposed environmental harms from trade.
D) an agreement for free flow of labor and other resources across borders.
Ans: B) an economic and monetary union that featured a common currency.
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Is it possible to see gains in a nation's real standard of living without any positive economic growth?
A) No, a nation's standard of living cannot improve without economic growth. B) Yes, but only if the government prints more money so people feel rich. C) Yes, if workers can produce the same level of output in fewer work hours, so that more leisure time could push up the real standard of living. D) None of the above: Economic growth has nothing to do with a nation's standard of living.
The distribution of profits among partners is determined by the
a. government's regulations b. partnership agreement c. financial contribution each makes to the business d. limits of their liability e. quantity of stock each owns
Describe Keynes' criticism of Say's law in a money economy
Refer to the information provided in Figure 33.4 below to answer the question(s) that follow.
Figure 33.4Refer to Figure 33.4. The domestic price of a leather wallet is $20. With free trade the price of a leather wallet is $10 and after a tariff is imposed the price is $15. If there is free trade, this country will import ________ leather wallets.
A. 50 B. 100 C. 200 D. 300