Describe the single supervisory mechanism or SSM proposed by EU leaders in June of 2012
What will be an ideal response?
The SSM involved granting the European Central Bank the power to police banks throughout the euro zone and the ability to re-capitalize banks directly if needed.
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Which of the following is the best example of money used as a medium of exchange?
A. Prices of products in a store in Mexico are marked in terms of U.S. dollars. B. A farmer stores $100 dollar bills in a strong box under the floor in a barn. C. A plumber unclogs a drain for a carpenter, who repairs broken steps for the plumber. D. In a prisoner of war camp cigarettes are traded for socks, candy and/or food, even by nonsmokers.
Is supply more elastic or less elastic as more time passes after a price change? Explain your answer
What will be an ideal response?
Suppose the president of a college argues that a 25 percent tuition increase will raise revenues for the college. It can be concluded that the president thinks that demand to attend this college is:
A. elastic. B. inelastic, but not perfectly inelastic. C. unitary elastic. D. perfectly elastic.
If a firm suffers an economic loss, its:
A. price is less than its marginal cost. B. price is less than its marginal revenue. C. price is less than its average total cost. D. None of these