As of 2005 the European Union had:
a. 5 members.
b. 15 members.
c. 25 members.
d. 40 members.
Ans: c. 25 members.
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Empirical evidence shows that in the short run, purchasing power parity ________, and in the long run, purchasing power parity ________
A) holds; does not hold B) holds; holds C) does not hold; holds D) does not hold; does not hold
An optimal level of output is one at which marginal profit > 0
a. True b. False Indicate whether the statement is true or false
At the equilibrium price,
A. quantity demanded exceeds quantity supplied. B. quantity demanded equals quantity supplied. C. quantity demanded is unrelated to quantity supplied. D. quantity demanded is less than quantity supplied.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, Point F
A. is efficient and attainable. B. cannot be produced with the current state of technology. C. represents underallocation of resources. D. represents what the people want.