Compared with France, who stayed in the ERM, what was the result of Britain's exit?
A) France's economy performed a bit better.
B) Britain had an economic recession while France enjoyed an expansion.
C) There was no significant difference.
D) France had an economic recession while Britain enjoyed an expansion.
Ans: D) France had an economic recession while Britain enjoyed an expansion.
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In the figure above, suppose that the government imposes a tax of $4 per pizza. Then, the
A) buyers and sellers equally share the incidence of the tax. B) shaded area is the deadweight loss from the tax. C) shaded area is the tax revenue from the tax. D) Both answers A and B are correct. E) Both answers A and C are correct.
Economic analysis indicates the net long-run effect of outsourcing for the United States is likely to be
A) an increased demand for labor due to economic growth. B) a decreased in the demand for labor in the United States in the short run. C) an increase in the supply of labor. D) a decrease in the supply of labor.