What event in 2009 ignited the euro crisis?
What will be an ideal response?
Greece elected a new government in 2009 which found that the previous government had been misreporting economic statistics for years and the public debt amounted to more than 100% of GDP. It became apparent that Greece would experience a sovereign default unless bailed out by the European Central Bank or some other source of credit.
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The term "variable input" is used to refer to inputs that vary in terms of quality and, therefore, productivity
Indicate whether the statement is true or false
International capital flows tend to reduce the impact of fiscal policy
a. True b. False Indicate whether the statement is true or false
Answer the following statements true (T) or false (F)
1. In a market system, entrepreneurs start up businesses in order to earn a high salary. 2. In a market system, the income earned by owners of natural resources is called interest income. 3. A corporation is a type of business firm where the debt of the firm is considered its owners' personal responsibility. 4. According to the circular flow model of the market system, firms get their ability to pay for their costs of production from the revenues that they receive for their products.
Define the economic concept of elasticity
What will be an ideal response?