The Single European Act passed in 1987 sought to:
A) bring former communist nations into the EC.
B) further integrate the European economies to promote trade and economic growth.
C) establish the European nations as sovereign nations with no political ties to the center.
D) impose stiff penalties for violating the exchange rate parities set in the ERM.
Ans: B) further integrate the European economies to promote trade and economic growth.
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If actual experience supports two competing theories, then both theories are proven to be true
Indicate whether the statement is true or false
The welfare program economists believe to be most compatible with economic efficiency is
a. a regressive tax system. b. AFDC. c. a negative income tax. d. Medicare/Medicaid.
Which of the following arguments do the following graphs best support in the context of a skill-biased technical change?
a. The efficiency wage model is correct.
b. A minimum wage increases unemployment.
c. Greater productivity leads to higher wages.
d. Unemployment insurance increases unemployment.
Which of the following is an example of an intermediate product?
A. The lumber produced by Boise Cascade and sold to a builder of old houses B. An antique car sold to the highest bidder C. A pair of skis sold by a sporting goods retailer to a skier D. A share of IBM stock