What is the euro? What was the goal in creating the euro?
What will be an ideal response?
The euro is a common currency used among European nations (15 used it in 2008). The major goal for forming this common currency was to improve the standard of living in member nations. This goal is achieved by reducing the cost of exchanging currencies among the member nations. The euro also helps consumers do a better job of pricing products and making comparisons either within member nations or across member nations.
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In the short run, if a firm is suffering a loss, it should
a. always shut down to prevent further losses. b. continue to operate as long as it can recover variable cost. c. continue to operate as long as it can recover fixed cost. d. continue to operate if marginal cost is below average total cost.
To minimize the effect of short-term political pressure on the Fed's Board of Governors, the governors are all appointed to their terms: a. in different years, and their terms are long
b. in different years, and their terms are short. c. in the same year, and their terms are long. d. in the same year, and their terms are short. e. in the same year, and their terms are shorter than that of the chairman of the Federal Reserve Board.
A major difference between a partnership and proprietorship is that with a partnership,
a. the liability for each individual is limited by the wealth of the others b. the liability for each partner is proportionate to his or her investment c. profits increase with each new partner d. the business has greater investment resources than proprietorships e. only the shareholders face losses
Which of the following statements regarding U.S. economic growth is NOT correct?
A) Over the past 100 years, on the average real GDP per person grew 2 percent a year. B) The average annual growth rate of real GDP per person in the United States was rapid during World War II. C) In the 1930s, real GDP fell well below its trend. D) The growth rate of real GDP per person accelerated between 1973 to 1984.