The European Union became an economic union with the implementation of which treaty?
A) Treaty of Rome
B) Single Europe Treaty
C) Treaty on European Union
D) Schengen Agreement
C
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Refer to Figure 7.1. If Angus chooses to earn the most money, he will receive a daily payoff of
A) $100. B) $350. C) $550. D) $700.
Which of the following is true at the profit-maximizing quantity for both a perfectly competitive firm and a monopoly?
a. Price equals marginal cost. b. Price is greater than marginal cost. c. Marginal revenue equals marginal cost. d. Marginal revenue is less than marginal cost. e. Marginal revenue is greater than average revenue.
According to the law of supply:
a. producers are willing to supply larger amounts of a good as its price increases. b. a direct relationship exists between the price of a good and the amount buyers choose to buy. c. an inverse relationship exists between the price of a good and the amount buyers wish to buy. d. an inverse relationship exists between the price of a good and the amount producers supply.
Net investment refers to
A. exports minus imports. B. the change in investment spending and the change in government expenditures on infrastructure. C. the change in inventories over a 1-year period. D. the change in the capital stock after subtracting out depreciation.