Which of the following is NOT true of the European Union
A. The EU promoted freer trade between member countries
B. The EU allows members to benefit from economies of scale in selling to a larger market
C. The EU provides a common currency for a subset of its members
D. The EU was established in 1999
Ans: D. The EU was established in 1999
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A) draining into the banks; an B) held at the Fed; an C) draining into the banks; no D) held as reserves; no E) held outside the banks; an
Suppose that there are two goods, X and Y, that are competing for dominance in a market with network externalities. Furthermore, suppose that the market has chosen good X even though it is inferior to good Y and that the net benefits of switching from X to Y are $20 while the costs of switching are $30. If the market stays with good X, then __________________ has occurred. If the costs of switching were to fall to $15 and the market still stays with good X then ___________________________.
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The above figure shows the reaction functions for two pizza shops in a small isolated town. The perfect competitive outcome is that
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