The European Union (EU) comprises a group of European nations that have:
A. abolished tariffs among one another and established a system of common tariffs with
respect to nonmember nations.
B. fully integrated their economies by establishing a central bank, a common currency, and a
coordinated set of governmental budgetary policies.
C. agreed to trade only among one another.
D. eliminated all tariffs and trade barriers with nonmember nations.
A. abolished tariffs among one another and established a system of common tariffs with
respect to nonmember nations.
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For which of the following is the law of one price least likely to hold?
A) Haircuts B) Gold C) US Treasury Bonds D) Petroleum
If your bank pays you 6% interest on a savings account and inflation is 2%, your approximate real rate of interest is
A) 2%. B) 4%. C) 8%. D) 12%.
Considering the information in the table shown, if Jack consumes 3 popsicles and 1 ice cream cone, then:
This table shows the different combinations of goods that Jack can consume, given that his income to spend on these two items is $10.
A. Jack still has $5 left to spend.
B. the price of ice cream must have increased to $8.
C. the price of popsicles must have decreased.
D. None of these is true.
When constructing a production possibility curve for an economy, which of the following is assumed to be constant?
a. The quantity of resources b. The government budget c. The quantity of goods produced d. The price level e. The money supply