In comparing the European Union and the United States as OCAs, the authors of the text conclude that there is(are):
A) greater integration of goods markets and greater labor mobility in the United States than in Europe, but about the same symmetry of shocks in the two regions.
B) greater integration of goods markets, greater labor mobility, and greater symmetry of shocks in the United States than in Europe.
C) less integration of goods markets, but greater labor mobility and greater symmetry of shocks in the United States than in Europe.
D) greater integration of goods markets, greater labor mobility, and greater symmetry of shocks in Europe than in the United States.
Ans: A) greater integration of goods markets and greater labor mobility in the United States than in Europe, but about the same symmetry of shocks in the two regions.
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In 1992, Britain and Italy __________ the European Monetary System and __________ against the other major European currencies
A) joined; fixed their currency B) joined; let their currency float C) left; fixed their currency D) left; let their currency float
As price decreases and we move down further along a linear demand curve, the price elasticity of demand will:
a. decrease. b. increase. c. stay the same. d. approach infinity. e. increase or decrease.
A monopsony is a:
a. large number of buyers. b. large seller. c. single seller. d. single buyer.
Refer to Table 8.1. Assume the wage rate is $10 and the firm has $1,000 in unavoidable fixed cost. What is the average fixed cost of producing 93 units of output?
A. $11.40
B. $10.75
C. $0.65
D. $10.00