Which of the following is one of the convergence criteria that countries needed to satisfy to join the Eurozone?
A) 10 consecutive years in the ERM band without devaluation of its currency
B) a government deficit of no more than 25% of GDP in the previous year
C) total government debt of no more than 60% of GDP in the previous year
D) an inflation rate of 0% in the previous 10 consecutive years
Ans: C) total government debt of no more than 60% of GDP in the previous year
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In the Keynesian cross diagram, a decrease in investment spending because companies become more pessimistic about investment profitability causes the aggregate demand function to shift down, the equilibrium level of aggregate output to ________, and
the IS curve to shift to the ________, everything else held constant. A) rise; left B) rise; right C) fall; left D) fall; right
A review of U.S. history provides evidence that
(a) class mobility is restricted. (b) race and gender barriers simply cannot be dismantled. (c) the wealthy and idle rich class has deep and permanent roots in the U.S. (d) there are no social barriers that cannot be overcome in the U.S.