The euro, a common currency for most of the nations of Western Europe, was introduced
A) before 1900.
B) before 1990.
C) before 2000.
D) in order to snub the pride of the U.S.
E) in order to fix currencies in terms of the U.S dollar.
C
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The Santa Fe Spark Plug Company supplies spark plugs to automotive parts dealers. An increase in the demand for its product led Santa Fe to hire 150 new workers
Santa Fe also plans to expand the capacity of its plant but this project will take 2 years to complete. Which of the following statements is true? A) The long run for Santa Fe is longer than 1 year. B) The wages and benefits paid to the new workers are implicit costs. C) In the short run Santa Fe's variable costs increase but its fixed costs decrease. D) The short run for Santa Fe is 1 year.
Although firms earn zero profits in the long run, why is the outcome from monopolistic competition considered to be inefficient?
A) Price exceeds marginal cost. B) Quantity is lower than the perfectly competitive outcome. C) Goods are not identical. D) A and B are correct. E) B and C are correct.