The original six nations that formed the European Economic Community (EEC) were:
A) Spain, Portugal, Italy, Austria, Germany, and the United Kingdom.
B) France, Bulgaria, Romania, Luxembourg, East Germany, and Russia.
C) Belgium, France, Italy, Luxembourg, the Netherlands, and West Germany.
D) Hungary, Austria, Germany, Poland, Belgium, and the United Kingdom.
Ans: C) Belgium, France, Italy, Luxembourg, the Netherlands, and West Germany.
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The above table gives the demand and supply schedules for cat food. If the price is $3
00 per pound of cat food, will there be a shortage, a surplus, or is this price the equilibrium price? If there is a shortage, how much is the shortage? If there is a surplus, how much is the surplus? If $3.00 is the equilibrium price, what is the equilibrium quantity?
Which one of the following labor resources will likely have the most inelastic supply schedule in the short run?
a. filling station attendants b. sales clerks c. construction laborers d. dentists