Which of the following is NOT one of the determinants of the gains of adopting a single currency?
A) A well-synchronized business cycle involving all member countries
B) The possibility of factors of production to freely move across borders
C) The willingness and ability of member countries to design policies to address regional imbalances that may develop
D) Widening the common market by allowing other countries to join
E) None of the above.
D
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In an economy, the value of inventories was $75 billion in 2009 and $63 billion in 2010. In calculating total investment for 2010, national income accountants would ________.
A. increase it by $138 billion B. increase it by $63 billion C. decrease it by $12 billion D. decrease it by $75 billion
Which of the following is included in "compensation of employees" part of the income approach to measuring GDP? I. Wages and salaries. II. Pension fund contributions. III. Social Security contributions
A) I only B) I and II C) I and III D) I, II and III
Expenditures on advertising ________
A) can lower average total cost if the advertising increases the quantity sold by a large enough amount B) cannot lower average total cost because when a firm advertises it increases its costs C) always lower average total cost because whenever a firm advertises, it increases the quantity sold D) are variable costs so do not affect the average total cost
Horizontal equity is a difficult concept to implement because
a. it is difficult to determine how unequally unequals should be treated. b. it is difficult to measure ability to pay. c. it is difficult to determine which people are equally situated. d. people object to the use of absolute tax liability instead of percentage of income.