In 1991, the European Union began the process of forming the
A. only continental military force in the world.
B. first international trade agreement in the world.
C. first unified currency in the world.
D. largest free-trade zone in the world.
Answer: D
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Consider a nation in which most workers are unionized. If all the nation's unions band together and succeed in boosting wages established by long-term labor contracts, then
A) there is a leftward shift in just LRAS. B) there is a leftward shift in both LRAS and SRAS. C) there is a rightward shift in just SRAS. D) there is a rightward movement along the SRAS curve.
The dollar value of stocks and bonds traded in a given year:
a. is included in the calculation of GDP b. have no influence on GDP. c. is included in the calculation of private investment. d. is not included in GDP, but the broker commissions involved are included in GDP.
An essential characteristic of a perfectly competitive market is:
A. goods are standardized. B. sellers are price makers. C. buyers and sellers share market power. D. goods are unique.
In common value auctions
a. Every bidder know the value of the object being sold b. Each bidder makes the same estimate of the value of the good c. All bidders know the estimates of the others d. The true value of the item is common across bidders