In the Meetings of the Governing Council of the European

question 111

Multiple Choice

In the meetings of the Governing Council of the European Central Bank, formal votes are:

• A) taken and published immediately.
• B) not taken, since formal voting could get in the way of good policy.
• C) taken but not published for five years.
• D) taken and released two years after the meetings.

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Definitions:

Consumer Surplus

The benefit gained by consumers because they are able to purchase a product for a price less than the maximum price they would be willing to pay.

Tariff

A tax levied on imports.

Domestic Price

The price of goods or services within a country's borders, as opposed to international or global prices.

Consumer Surplus

The difference between the total amount that consumers are willing to pay and the total amount they actually pay for a good or service.