Which of the following countries is not a member of the Economic Monetary Union?
a. England
b. Italy
c. Spain
d. Finland
a. England
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Opening trade between two nations would
a. shift their production possibilities curves outward. b. shift their production possibilities curves inward. c. leave the production possibilities unchanged and increase their consumption possibilities. d. leave the production possibilities unchanged and decreased their consumption possibilities.
If more people think a corporation's stock is overvalued than think it is undervalued then there is a
a. surplus, so its price will rise. b. surplus, so its price will fall. c. shortage, so its price will rise. d. shortage, so its price will fall.
The main reason that the deficit grows in a recession is that
A. the government reacts quickly and adjusts taxes to compensate. B. monetary policy that targets interest rates causes the costs of borrowing to fall. C. the deficit causes the recession, and reducing the deficit cures the recession. D. many forms of taxes act as automatic stabilizers.
To say that demand is elastic means that
A) people do not like the good very much. B) quantity demanded not very responsive to price changes. C) relatively small changes in price lead to relatively large changes in quantity demanded. D) relatively small changes in quantity demanded lead to relatively small changes in price.