What challenges does the European Union face in the short, medium, and long run?
What will be an ideal response?
In the short to medium run, the EU must continue to create convergence in income and living standards between its poorest and most well off members. In the medium run, the EU must prepare for further widening, in particular the possible accession of Turkey. In the long run, the EU must adapt its economies and social support systems for a much older population.
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A market with two sellers is called a:
A. monopoly. B. perfectly competitive market. C. duopoly. D. biopoly.
If income taxes are incorporated into the discussion of the expenditure multiplier, the expenditure multiplier becomes
A) larger. B) smaller. C) zero. D) negative.
Reserve requirement norms, originally introduced during the Great Depression to prevent bank panics, caused depositors to become restless about the safety of their deposits
Indicate whether the statement is true or false
Figure 16-1
In Figure 16-1, there are four levels of income. G is government expenditures and TT is taxes less transfers. Y3 is the full-employment level of income. At Y3
a.
there is an official deficit but a structural budget balance.
b.
there is a structural deficit but an official budget surplus.
c.
the official and structural deficit are in balance.
d.
both the official and structural budgets show a deficit.