The central bank for the euro area tries to achieve accountability and transparency through a:
A. specific target for the dollar euro exchange rate.
B. following the monetary policy guidance of the European Parliament.
C. standard numerical objective for inflation over the medium term.
D. specific target for unemployment and economic growth.
Answer: C
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Which of the following is the smallest portion of the market basket of goods that makes up the CPI?
A) food and beverages B) apparel C) transportation D) housing
The condition often used in economics to isolate the relationship between two variables is
A) causation. B) abstraction. C) ceteris paribus. D) efficiency.
The pricing strategy in which one firm is allowed by its rivals to establish the market price for all firms in the market is called
A. Overt collusion. B. Price-fixing. C. Pattern pricing. D. Price leadership.
Answer the following statement true (T) or false (F)
1) Supply-side market failures occur because it is impossible in certain cases for sellers to charge consumers what they are willing to pay for a product. 2) When a supply-side market failure occurs, the costs are greater than the benefits for the last unit(s) of output produced. 3) Along a demand curve, product price and consumer surplus are inversely related. 4) Along a supply curve, product price and producer surplus are inversely related.