What challenges does the European Union face in the short, medium, and long run?
What will be an ideal response?
In the short to medium run, the EU must continue to create convergence in income and living standards between its poorest and most well off members. In the medium run, the EU must prepare for further widening, in particular the possible accession of Turkey. In the long run, the EU must adapt its economies and social support systems for a much older population.
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When people make rational choices, they
A) do not consider their emotions. B) weigh the costs and benefits of their options and act to satisfy their wants. C) are necessarily making the best decision. D) necessarily make a decision in the social interest. E) behave selfishly.
If inflation is a threat, then the Fed will be expected to engage in
A) expansionary monetary policy. B) contractionary monetary policy. C) policies to increase the money supply. D) policies to lower the rate of interest.