The 1991 Maastricht Treaty can be best described as
A) a peace treaty between Europe and the United States.
B) an agreement for the accession of the Netherlands into the EU.
C) an agreement for the creation of a free trade area.
D) a provision for the introduction of a single European currency and European central bank.
E) the beginning of a floating exchange rate European monetary system.
D
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Consumption smoothing refers to ________
A) the impact of future income on current consumption and of current income on future consumption B) the constancy of consumption over time C) the impact of current consumption on future income and of future consumption on current income D) the tendency of consumers to adopt similar spending habits
When we compare poor and rich countries in the world
A) There is much greater dispersion in growth rates in per capita income for the poor countries than for the rich countries. B) The investment rate is higher for poor countries than for rich countries. C) There is much greater dispersion in growth rates in per capita income for the rich countries than for the poor countries. D) Population growth rates are higher in rich countries than in poor countries.
According to the World Bank, ________ people are classified as being in severe poverty.
A. 500,000 million B. 2.5 billion C. 100,000 million D. 800 million
Consider the market for chicken. Assuming that chicken and beef are substitutes, an increase in the price of beef will:
A. decrease the demand for chicken creating a lower price and a smaller amount of chicken purchased in the market. B. decrease the supply of chicken creating a higher price and a smaller amount of chicken purchased in the market. C. increase the demand for chicken creating a higher price and a greater amount of chicken purchased in the market. D. increase the supply of chicken creating a lower price and a greater amount of chicken purchased in the market.