The European Economic and Monetary Union
A) set up a single currency and sole bank for European economic monetary policy.
B) eliminated all barriers to trade such as tax differentials between borders.
C) produced a single government for handling European affairs.
D) created the Common Agricultural Pact.
E) eliminated all local currencies in Western Europe.
A
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If a 6 percent increase in income leads to a 4 percent increase in quantity demanded for audio books, the income elasticity of demand is
A) -0.67. B) 0.67. C) 1.5. D) 2.
Larissa is a famous courtroom attorney. She charges clients $300 per hour for her legal services. Last year she earned $450,000 . This year, she raised her price to $350 per hour and her income increased to $490,000 . Which of the following is most likely to represent the price elasticity of demand for Larissa's legal services?
a. It is approximately 2.30. b. It is approximately 1.60. c. It is approximately 1.00. d. It is approximately 0.45. e. It is approximately 6.10.
If a market is contestable, then
a. long-run economic profits are minimal due to inefficiency. b. long-run economic profits are zero. c. short-run and long-run economic profits are zero. d. positive economic profits are maximized due to the efficient production spurred by the threat of entry.
Four firms control the market for a particular good, resulting in an HHI of 2,900. Total industry sales are $500, and it is known that two firms each have sales of $175. If each of the remaining two firms have the same sales, then we can conclude that the remaining two firms each have a market share of:
A. 0.15. B. $75. C. $125. D. 0.50.