Answer the following statements true (T) or false (F)
1. All members of the European Union are members of the Economic Monetary Union.
2. The United States exports more to the Economic Union than it imports.
3. Beginning in 2002, Economic Monetary Union members no longer printed their own money.
4. The French franc is the common currency of the Economic Monetary Union.
5. The General Agreement on Tariffs and Trade (GATT) was replaced by the World Trade Organization (WTO).
6. If Mexico levies an import quota on U.S. cars, the price of automobiles in the United States is likely to rise.
7. In a large and diversified economy like the United States, international trade usually hurts more people domestically than it helps.
1. FALSE
2. FALSE
3. TRUE
4. FALSE
5. TRUE
6. FALSE
7. FALSE
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John has been laid off from his job because of a general downturn in the economy. John's unemployment is best classified as
A) structural. B) cyclical. C) frictional. D) full. E) avoidable.
Rational ignorance about the efficient quantity of a public good can result in
A) the principle of minimum differentiation. B) excludable goods. C) bureaucratic overprovision of a good. D) the vertical summation of individual's marginal benefit curves.
Suppose you are a manager for a company that produces grape jelly. Which of the following is the best way for you to reduce your risk?
A) acquire a derivative that increases in value if grape prices increase B) acquire a derivative that increases in value if grape jelly prices increase C) sell a derivative that increases in value if grape prices increase D) sell a derivative that increases in value if grape jelly prices increase
________ is an attempt to ensure that more union labor is hired than producers would prefer. For example, a musician's union may require more musicians be employed in a Broadway musical than is required
a. Filibustering b. A lockout c. Binding arbitration d. Featherbedding