Which nation is NOT one of the current members of the European Union?
A) Greece
B) Germany
C) Sweden
D) Norway
Question 2 - When the evolution of new technologies is unknown, or it is unclear which country has the best rules for standards, the adoption of ________ is the superior option.
A) a harmonization of standards
B) separate standards
C) mutual recognition standards
D) larger country standards
Question 3 - Which of the following would cause an increase in aggregate supply?
A) An increase in factors of production
B) An increase in foreign demand for goods
C) A decrease in productivity
D) An increase in government spending
Question 4 - The graphs above show the production possibilities curves for the U.S. and Canada, which both produce cars and wheat. Determine comparative advantage for each country, and then draw the CPC for each country, assuming that the world price of cars is 1.5 wheat. (Assume that wheat is measured in thousands of bushels.) How would the gains from trade change if the price of cars rose to 1.75 wheat?
What will be an ideal response?
Question 5 - Which of the following nations DOES use the euro and participate in the Treaty on European Union?
A) Sweden
B) Portugal
C) The United Kingdom
D) Norway
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