The Single European Act passed in 1987 sought to:
A) bring former communist nations into the EC.
B) further integrate the European economies to promote trade and economic growth.
C) establish the European nations as sovereign nations with no political ties to the center.
D) impose stiff penalties for violating the exchange rate parities set in the ERM.
Ans: B) further integrate the European economies to promote trade and economic growth.
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In the U.S. balance of payments, exports to Europe are recorded as a
a. a use of funds in the current account. b. negative item in the current account. c. capital inflow item. d. capital outflow item. e. None of the above
Which of the following statements is true? a. Minimum wage creates a labor deficit in a market
b. Minimum wage intends to increase the consumer surplus. c. Minimum wage is a wage set below the equilibrium wage in order to create more job opportunities. d. Minimum wage harms the unskilled workers between the age group 40 and 50. e. Minimum wage harms the unskilled workers between the age group 16 and 19.