Which agreement removes customs and passport controls at the common borders of many EU countries?
What will be an ideal response?
Schengen Agreement
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A country with an official settlements balance of zero and a negative current account balance is a
A) net creditor. B) net lender. C) net borrower. D) net saver. E) None of the above answers is correct because it is not possible to have an official settlements balance of zero and a negative current account balance.
The largest component of current consumption expenditure is ________, while the most volatile component is ________
A) durable goods, nondurable goods B) durable goods, services C) services, durable goods D) services, nondurable goods E) nondurable goods, services
A(n) ________ in aggregate demand will result from a decrease in ________
A) decrease; inflation B) increase; taxes C) increase; the budget deficit D) increase; government purchases
Under a progressive tax system: a. only the rich are taxed
b. higher marginal taxes are imposed on higher incomes. c. lower taxes are imposed on everyone. d. everyone pays the same percent of their income for tax.