Which of the following countries experienced the sharpest fiscal contraction in order to gain admission to the Euro club?
A) Portugal
B) Spain
C) Italy
D) France
C
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If the economy is already producing at its potential, _____
a. the spending multiplier equals 1/(1 - MPC) in the long run b. the spending multiplier is less than 1/(1 - MPC) in the long run c. the spending multiplier is more than 1/(1 - MPC) in the long run d. the spending multiplier equals zero in the long run e. the aggregate demand curve is horizontal
A risk-averse person
a. has a utility curve where the slope increases with wealth, and might take a bet with a 80 percent chance of winning $300 and a 20 per chance of losing $300. b. has a utility curve where the slope increases with wealth, and would never take a bet with a 80 percent chance of winning $300 and a 20 per cent chance of losing $300. c. has a utility curve where the slope decreases with wealth, and might take a bet with a 80 percent chance of winning $300 and a 20 per chance of losing $300. d. has a utility curve where the slope decreases with wealth, and would never take a bet with a 80 percent chance of winning $300 and a 20 per cent chance of losing $300.
In a duopoly, if advertising only takes customers from rivals than attracting new customers, then
A) neither firm will advertise B) there is no dominant strategy C) the result is similar to the prisoners' dilemma D) only one firm will advertise
When demand is perfectly elastic, marginal revenue is
A. increasing. B. zero. C. declining. D. equal to price.