Admission to the Euro required in 1997 that a country's government deficit not exceed ________ percent of GDP
A) twenty
B) fourteen
C) seven
D) three
D
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Legal constraints will always reduce the size of the economic pie
Indicate whether the statement is true or false
In an oligopoly industry, price:
a. will be lower than the competitive price, due to cost savings. b. will exceed the monopoly price, due to the destructiveness of competitive forces. c. cannot be predicted exactly, because it is likely to lie between the competitive and monopoly prices. d. none of these.
Leugers Custom Cabinetmakers is currently operating at a profit while producing four custom cabinets per week. At that output level, marginal cost exceeds marginal revenue. In order to maximize profit, Leugers should
a. decrease output b. increase output c. leave output at four cabinets per week d. either increase or decrease output, depending on its level of fixed costs e. either increase or decrease output, depending on its level of variable costs
The absolute value of the price elasticity of demand for hamburger is higher than that of meat in general
Indicate whether the statement is true or false