The Stability and Growth Pact (SGP) was a failure because of all of the following reasons, EXCEPT:
A) surveillance failure.
B) weak punishment.
C) once countries joined the Eurozone, enforcement of rules was impossible.
D) consultations between the Federal Reserve and the ECB broke down.
Ans: D) consultations between the Federal Reserve and the ECB broke down.
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When there is an expansionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; expand B. increase; raise; decline C. decline; lower; decline D. decline; raise; decline
A minimum wage is a government-imposed price ________ that is designed to be ________ the equilibrium wage rate
A) ceiling; above B) ceiling; below C) floor; above D) floor; below
An investment opportunity is a sure thing; it will pay off $100 regardless of which of the three possible outcomes comes to pass. The variance of this investment opportunity:
A) is 0. B) is 1. C) is 2. D) is -1. E) cannot be determined without knowing the probabilities of each of the outcomes.
Estimates of the values of which of the following non-market goods or services are included in GDP?
a. unpaid housework but not the rental value of owner-occupied homes. b. the rental value of owner-occupied homes but not unpaid housework. c. unpaid housework and the rental value of owner-occupied homes. d. Neither unpaid housework nor the rental value of owner-occupied homes.