In the European Monetary Union, the supply of euros
A) is managed by the individual central banks of the member countries.
B) is managed by the European Central Bank.
C) is determined by market forces.
D) automatically varied in response to short-run fluctuations in the exchange rates of the member nations.
B
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Which of the following is evidence of a shortage of chocolate?
A) The price of chocolate is raised in order to increase sales. B) Firms lower the price of chocolate. C) The equilibrium price of chocolate falls due to a decrease in demand. D) The quantity of chocolate demanded is greater than the quantity supplied.
A lump-sum tax is:
A. a head tax. B. the most efficient form of taxation. C. a tax that charges the same amount to each taxpayer. D. All of these statements are true.
One of the reasons we know that international labor mobility has been higher at other times is because
A) the percent of our population that was foreign born was higher. B) wages were lower. C) labor was important in agriculture. D) the population was younger.
Which of the following is NOT a reason why a firm may experience economies of scale?
A. productive specialization B. improved productive equipment C. increased layers of management D. dimensional factors