Members of the EU (European Union):
A) have virtually eliminated all trade barriers within the community.
B) have increased trade restrictions among them.
C) have made it more difficult to trade with each other.
D) no longer trade with North America.
Ans: A) have virtually eliminated all trade barriers within the community.
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The federal budget is defined as
A) an annual statement of expenditures and tax revenues of the U.S. government. B) a monthly statement of whether the U.S. government is in deficit or surplus. C) a monthly statement of expenditure laws passed by the U.S. government. D) an annual statement of what policy actions the U.S. government has pursued. E) an annual statement of U.S. government violations of international laws.
Which of the following is NOT part of the expenditure approach to measuring GDP?
A) gross private domestic investment B) net exports of goods and services C) net interest D) personal consumption expenditures
Under monopolistic competition, firms have prices ________ marginal cost and long-run profits that are ________ (net of fixed costs).
A. above; positive B. above; close to zero C. below; positive D. below; close to zero
In the monetary small open-economy model with a fixed exchange rate, the domestic
A) government loses control over the level of domestic government spending. B) government loses control over the level of domestic taxes. C) government loses control over the level of domestic government spending and domestic taxes. D) central bank loses control over the domestic stock of money.