Shocks and Integration) The graph shows hypothetical OCA economic criteria for several South American countries. Using the graph, which of the following best satisfy the OCA criteria for forming a monetary union?
A) Peru and Colombia
B) Peru and Uruguay
C) Venezuela and Uruguay
D) Colombia and Venezuela
Ans: D) Colombia and Venezuela
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If the constitution were fully enforced, resources would tend to be A) used for the common good. B) used without greed and materialistic interests. C) free from the constraints of scarcity. D) underpriced.
The effect that an additional user of a good or participant in an activity has on the value of that good or activity for others is called:
A. network externality. B. social externality. C. negative externality. D. private externality.
A law establishing a maximum legal price for a good or service is known as
a. an equilibrium price. b. a price floor. c. a price ceiling. d. a price wall.
In some cases, specialization allows larger factories to produce goods at a lower average cost than smaller factories
a. True b. False Indicate whether the statement is true or false