What is the proper characterization of the European Union (EU), and what is its primary accomplishment?
A. The EU is a regional trade bloc which controls the money supply in each member country.
B. The EU is a trade treaty that provides a forum where member countries can resolve their trade disputes.
C. The EU is a trading cooperative that protects member countries from unfair trade tactics by non-member countries.
D. The EU is a regional trade agreement that has eliminated most trade barriers among member countries.
Answer: D
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Using the Rule of 70, if the country of Huttodom's current growth rate of real GDP per person was 10 percent a year, how long would it take the country's real GDP per person to double?
A) 0.7 years B) 20 years C) 7 years D) 10 years
If investment increases by $100 and, as a result, gross domestic product (GDP) ultimately increases by $200, the multiplier equals
What will be an ideal response?
Refer to Scenario 3.3 below to answer the question(s) that follow.SCENARIO 3.3: -Mustard and mayonnaise are substitutes. -Mustard and relish are complements. -Mustard is a normal good. -During the summer, about 50% of all mustard was recalled by manufacturers and removed from store shelves.Refer to Scenario 3.3. The mustard recall would have caused
A. an increase in the demand for relish. B. a decrease in the demand for relish. C. a decrease in the quantity demanded of relish. D. an increase in the quantity demanded of relish.
If output and inflation are unrelated in the long run, the long-run aggregate supply curve must be:
A. horizontal. B. upward sloping. C. non-existent. D. vertical.