After implementation of the Single European Act, value added taxes in the EU were
A) completely harmonized.
B) unchanged.
C) partially harmonized with minimum and maximum permissible values set by the EU.
D) eliminated except on a few items in each country.
E) cut in half in order to increase the role of corporate taxes.
C
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To achieve long-run equilibrium in an economy with a recessionary gap, without the use of stabilization policy, the inflation rate must:
A. not change. B. increase. C. decrease. D. either increase or decrease depending on the relative shifts of AD and AS.
In order to consider the equation of exchange an economic model, what must we assume?
a. Real GDP is a constant value. b. Changes in GDP cause changes in the money supply. c. The money supply is constant. d. Changes in velocity are small and predictable.
As the federal funds rate rises, the banks' opportunity cost of holding excess reserves falls
a. True b. False Indicate whether the statement is true or false
If labor productivity rises at the same time that there is a beneficial supply shock, what is the effect on short-run aggregate supply (SRAS)?
A) SRAS rises. B) SRAS falls. C) SRAS remains constant. D) SRAS may rise, fall, or remain constant.