The European Monetary Union (EMU) sets fiscal policy, but not monetary policy, for the member countries.  

South Africa is one of the most unequal countries in the world, if not the most unequal country in the world, with respect to income. 

The small nation of Singapore starts to experience a saving that is greater than its level of investment. As a result, we know: (select all that apply) 

Venezuela has systems of price controls, which make prices artificially high. This lowers the quantity demanded of products.  

Trade surpluses are created when more money enters a country than leaves a country through the capital account (through assets sales/purchases and investment). 

The country is importing a great deal from China and this has solved the problems for consumers. Shortages are not sizable. 

A negative capital account is called a capital account deficit. 

There is some suggestion that Greece was corrupt in that it reported inaccurate data on its debt level so that its fiscal situation would look better and they would be admitted to the EMU. 

Venezuela has experienced a weather issue that is causing problems for the country. This is:   

In the National Income Accounting equation, if (X-M)>0 then we know there is a trade surplus.