Twenty-nine countries in Europe have eliminated all tariffs with each other. This group of countries is known as the
A) Gruppo Euro. B) European Union.
C) United Federation of Europe. D) European Free Trade Association.
B
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Returns to scale is a concept that operates
A) only in the short run. B) only in the long run. C) in both the long run and the short run. D) in either the long run or the short run, but never both.
When real GDP grows more slowly than potential GDP,
a. nominal GDP rises. b. the unemployment rate falls. c. labor productivity falls. d. the unemployment rate rises.
The market for wheat is most likely considered a monopolistically competitive market
a. True b. False Indicate whether the statement is true or false
Suppose a medical study reveals new benefits to consuming beef and at the same time a bumper corn crop reduces the cost of feeding steers. The equilibrium quantity of beef will Question 7 options:
A. stay the same. B. perhaps increase, decrease, or stay the same, but more information is needed to determine which it does. C. definitely either stay the same or decrease. D.decrease. E. increase.