After the formation of the European Community (EC), three new nations were admitted in 1973 based on their conformance and compatibility with existing democratic norms, economic stability, and economic development. The nations were:
A) Portugal, Spain, and Finland.
B) Belgium, the Netherlands, and Luxembourg.
C) Denmark, Ireland, and the United Kingdom.
D) Italy, Greece, and Turkey.
Ans: C) Denmark, Ireland, and the United Kingdom.
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Studies show that smoking cigars is inversely related to income. Thus cigars are an inferior good
Indicate whether the statement is true or false
Politicians have an incentive to favor short-run policies because _____
a. because voters suffer from myopia b. of special interests c. they may be voted out of office before long-run policies bear fruit d. of rational ignorance
Individuals are more likely to engage in productive activities when institutions and policies
a. create a fair and unbiased judicial system. b. result in high and variable rates of inflation. c. transfer a large share of income through the political process. d. are used to centrally plan the economy.
A perfectly competitive industry is in long-run equilibrium. If demand for the product increases, we can expect the price of the good to:
A. rise at first and then fall. B. fall at first and then rise. C. rise and remain at the higher price. D. fall and remain at the lower price.