Which of the following is true?
A) Much of the trade of the European Union (EU) countries is with EU countries.
B) Industrialized countries tend to trade relatively little and largely with developing countries.
C) Developing countries in Africa and South America tend to trade the most and largely with themselves.
D) All of the above are true.
A
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The demand for oranges increases while the supply decreases. The equilibrium price of oranges ________, and the equilibrium quantity ________
A) rises; decreases B) falls; perhaps changes but we can't say if it increases, decreases, or stays the same C) falls; increases D) does not change; perhaps changes but we can't say if it increases, decreases, or stays the same E) rises; perhaps changes but we can't say if it increases, decreases, or stays the same
The policy irrelevance proposition states that
A. anticipated changes in monetary policy are ineffective in changing real Gross Domestic Product (GDP). B. only relatively large expected changes in monetary policy impact the economy. C. in the short run unanticipated changes in monetary policy are ineffective in changing real Gross Domestic Product (GDP). D. only statements from the White House have impact on the economy.