Because many European nations have adopted the euro as their common currency, they are ________ able to conduct independent ________ policy.
A. increasingly; fiscal
B. increasingly; monetary
C. no longer; monetary
D. no longer; fiscal
Answer: C
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Referring to a production possibilities curve and the goods being compared, depict the economic event. Suppose the United States was at full employment in 2003 just before invading Iraq. Although the war was won quickly, winning the peace took a decade (guns vs. butter).
A. A movement from a point on or near the curve to a point inside the curve B. A shift in the entire curve to the right (outward) C. A shift in the entire curve to the left (inward) D. A movement along the curve
When income increases, the demand curve for X shifts rightward and the demand curve for Y shifts leftward. These shifts mean that
A) X and Y are complements. B) X and Y both normal goods. C) X is an inferior good and Y is a normal good. D) X is a normal good and Y is an inferior good.
Which of the following will most likely cause a shift in the consumption function?
a. a change in consumer confidence b. a change in national output c. a change in real GDP d. a change in disposable income
Which of the following is not correct?
a. An organized withdrawal of labor from a firm by a union is called a strike. b. The power of a union comes from its ability to strike if the union and the firm do not agree on the terms of employment. c. Economists who study the effects of unions typically find that union workers earn about 25 to 35 percent more than similar workers who do not belong to unions. d. Workers in unions reap the benefit of collective bargaining, while workers not in unions bear some of the cost.