Changes in the value of the euro affect the economies of
A. No countries as long as exchange rates are flexible.
B. Only those countries using the euro as currency.
C. Potentially the entire world.
D. All European countries, but there would be no significant impact on countries outside Europe.
Answer: C
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What does the income elasticity of demand measure?
What will be an ideal response?
If the federal government replaced the current income tax with a value-added tax
A) the prices of Treasury and municipal bonds would rise. B) the prices of Treasury and municipal bonds would fall. C) the prices of Treasury bonds would rise, while the prices of municipal bonds would fall. D) the prices of Treasury bonds would fall, while the prices of municipal bonds would rise.
This monopolistic competitor is in the
A. short run making a profit.
B. short run taking a loss.
C. long run making a profit.
D. long run taking a loss.
Cartel power is weakened by the tendency for
A. the cartel members to decrease output below their production quotas. B. the cartel members to increase output above their production quotas. C. demand for the cartel's product to increase over time. D. non-members to join a successful cartel.