The Agreement to form a European monetary union was formalized in the Treaty of:
A. Milan.
B. Paris.
C. Amsterdam.
D. Maastricht.
Answer: D
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Conrad and Meyer (1958) counter Fogel and Engerman's (1974) claim that slave breeding was a myth by arguing that any profit-maximizing slave owner would consider slave breeding as long as:
(a) The expected rate of return from slave sales fell below the costs of rearing the slave to the age of sale. (b) Slavery was an irrational institution. (c) The expected rate of return from slave sales exceeded the costs of rearing the slave to the age of sale. (d) Slavery was an immoral institution.
From the viewpoint of economic efficiency, when competitive forces in an industry are weak, market allocation will often lead to
a. an output of the product that exceeds the amount consistent with ideal economic efficiency. b. an output of the product that is less than the amount consistent with ideal economic efficiency. c. an output of the product that equals the amount consistent with ideal economic efficiency. d. product prices that are below the cost of production.
Suppose the domestic supply (QS) and demand (QD) for MP3 players in the United States is represented by the following set of equations:QS = -25 + 10PQD = 875 - 5PIf the United States can import MP3 players from the rest of the world at a per unit price of $50, how many MP3 players will be produced in the United States?
A. 925 B. 525 C. 625 D. 475
An excise tariff is:
A. the fee an importing firm must pay to the domestic government on each unit it brings into the domestic market. B. a restriction limiting the quantity of imported goods that can legally enter a domestic market. C. a fixed fee that an importing firm must pay the domestic government in order to have the legal right to sell the product in the domestic market. D. None of the statements are correct.