To join the EMU, a country must have a public debt below or approaching a reference level of
A) 50 percent of its GDP.
B) 10 percent of its GDP.
C) 60 percent of its GDP.
D) 100 percent of its GDP.
E) 5 percent of its GDP.
C
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After accounting for externalities with a social cost curve, the new equilibrium would be such that equilibrium price is
A. higher than before and equilibrium quantity is lower than before. B. higher than before and equilibrium quantity is higher than before. C. lower than before and equilibrium quantity is higher than before. D. lower than before and equilibrium quantity is lower than before.
The text argues that the United States has had a comparative advantage in goods and services that:
A. are luxury goods. B. are mass-produced. C. are artistic and well crafted. D. require creativity and innovation.