The European Union started out as a
A. regional trade agreement.
B. union of nations with identical tariffs.
C. union of nations where the same language was spoken.
D. union of nations with identical currency.
Answer: A
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Refer to Figure 3-8. The graph in this figure illustrates an initial competitive equilibrium in the market for sugar at the intersection of D1 and S1 (point A)
If there is an increase in the price of fertilizer used on sugar cane and there is a decrease in tastes for sugar-sweetened soft drinks, how will the equilibrium point change? A) The equilibrium point will move from A to B. B) The equilibrium point will move from A to C. C) The equilibrium point will move from A to E. D) There will be no change in the equilibrium point.
Markets in which funds are transferred from those who have excess funds available to those who have a shortage of available funds are called
A) commodity markets. B) fund-available markets. C) derivative exchange markets. D) financial markets.
Describe how a speculator can improve social welfare when he correctly anticipates that future demand will be higher than suppliers expect.
What will be an ideal response?
Globalization will tend to:
A. flatten the long-run Phillips curve. B. shift the long-run Phillips curve. C. flatten the short-run Phillips curve. D. shift the short-run Phillips curve.