uick!!! Question 1: A trade surplus in the very long-run is primarily determined by? A. actions of an independent central bank B. factors affecting productivity such as human capital, physical capital and technology C. total government spending D. a balanced government budget Question 2: The European Union is: A. a single fiscal policy agreement among its member states B. a trade only agreement among its member states C. a single market involving the free circulation of goods, capital, people, and services within its member states D. a monetary union with a single currency Question 3: Bulgaria joined as an EU member in 2007, maintaining its national currency - the Lev. The Lev is managed via a currency board. This means that? A. The Lev fluctuates according to market forces with respect to all foreign currencies. B. The Lev devalues by a fixed amount every month and the currency board decides the amount with respect to a specific foreign currency (in this case the USD). C. The Lev is fixed to a foreign currency (in this case the euro) and the currency board will only issue one unit of lev for each unit (or decided amount) of foreign currency it has in its vault. D. The Lev devalues by a fixed percentage amount every month and the currency board decides the amount regardless of the foreign currency