As of 2002 the European Union has announced that 10 new members will be allowed to join the union? Which of the following countries is included in that group?
A) Poland
B) Russia
C) Turkey
D) All of the above.
A
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Sticky Cakes is a bakery. A decrease in the wage rate that Sticky Cakes pays its workers
A) does not shift its MC curve or its ATC curve. B) shifts its MC curve downward but not its ATC curve. C) shifts both its MC curve and its ATC curve downward. D) does not shift its MC curve but shifts its ATC curve downward.
Consider a small economy in which consumers buy only two goods: pretzels and cookies. In order to compute the consumer price index for this economy for two or more consecutive years, we assume that
a. the percentage change in the price of pretzels is equal to the percentage change in the price of cookies from year to year. b. the number of pretzels bought by the typical consumer is equal to the number of cookies bought by the typical consumer in each year. c. neither the number of pretzels nor the number of cookies bought by the typical consumer changes from year to year. d. neither the price of pretzels nor the price of cookies changes from year to year.
The supply of money increases when
a. the price level falls. b. the interest rate increases. c. the Fed makes open-market purchases. d. money demand increases.
In a Cournot oligopoly with N firms and identical marginal costs, the relationship between the price elasticity of market demand and that of the firm is:
A. No deterministic relationship. B. EM = EF. C. EM = EF/N. D. EM = NEF.