The European Union became an economic union with the implementation of which treaty?
A) Treaty of Rome
B) Single Europe Treaty
C) Delor's Agreement
D) Treaty on European Union
E) Schengen Agreement
D
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Lee, J Brand, Joe's Jeans, Paper Denim & Cloth, Levi's, Wrangler, and many others are all producers of jeans. J Brand jeans sell for about $200 a pair. What would happen if J Brand priced their jeans at $220 per pair?
A) They would sell fewer jeans because demand is elastic. B) They would not sell any jeans. C) They would sell more jeans. D) They would sell fewer jeans because demand is perfectly elastic.
The number of workers hired by a firm at a particular wage rate can be calculated if you know which of the following?
a. c and d. b. Product supply curve. c. Marginal product of labor. d. Marginal factor cost. e. Marginal revenue product of labor.
In general economic environments that correspond to lower levels of planned aggregate expenditure for a given level of Y have PAE curves that are:
A. higher on the expenditure diagram. B. lower on the expenditure diagram. C. at multiple points on the diagram. D. equivalent at point in the diagram.
If a $1 increase in price leads to a 3-unit decrease in quantity demanded, then demand must be elastic
Indicate whether the statement is true or false