Great Britain opted out of the ERM in 1992 because its government concluded that:
A) it wanted to increase its trade with North America rather than Europe.
B) the gains from being a member of the ERM outweighed the costs from higher German interest rates.
C) the costs associated with higher German interest rates outweighed the gains from being a member of the ERM.
D) it was unable to agree with the French on an exchange rate between the pound and the French franc.
Ans: C) the costs associated with higher German interest rates outweighed the gains from being a member of the ERM.
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What will be an ideal response?
Refer to the information provided in Figure 7.5 below to answer the question(s) that follow. 
Figure 7.5Refer to Figure 7.5. Diminishing marginal returns set in after the ________ worker is hired.
A. first B. fifth C. eighth D. sixteenth
In the above table, the inflation rate between 2013 and 2014 is approximately
A) 9 percent. B) 10 percent. C) 100 percent. D) 110 percent.
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a. inflation and unemployment b. prosperity and wages c. time and leisure d. labor and leisure