________ was established in 1998, and in 1999 it assumed the responsibility for monetary policy in the euro area.
A. The European Union
B. The European Currency Board
C. The European Central Bank
D. The International Monetary Fund
Answer: C
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The principle that states that what matters to people is the real value or purchasing power of money is the
A) marginal principle. B) spillover principle. C) real-nominal principle. D) principle of diminishing returns.
Factors tend to be specific to certain uses and products
A) in the short run. B) in countries lacking comparative advantage. C) in capital-intensive industries. D) in labor-intensive industries. E) in countries lacking fair labor laws.
The best estimate for the size of overseas trade as a proportion of national income in 1774 is:
a. 0%-5%. b. 15%-20%. c. about 50%. d. 70%-75%.
Refer to the diagram for a private closed economy. The $400 level of GDP is:
A. that output at which saving is zero.
B. too high because consumption exceeds investment.
C. unstable because aggregate expenditures exceed GDP.
D. unstable because aggregate expenditures are less than GDP.