In 2006, the European Union tariff on imported bananas from Latin America was €176 a ton. Suppose 2
5 million tons of bananas were imported in 2006 but then the tariff decreased to €152 a ton in 2007 and as a result, 3 million tons were imported in 2007. What is the tariff revenue in 2007? A) €445,000,000
B) €528,000,000
C) €440,000,000
D) €375,000,000
A
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Most economists agree with which of the following?
A) Passive policymaking is likely to exert sizable long-run effects on real GDP. B) Active policymaking is likely to exert sizable long-run effects on real GDP. C) Active policymaking is unlikely to exert sizable long-run effects on real GDP. D) none of the above
Gordon notes that the average growth rate of labor productivity between 1996 and 2004 was ________ percent, and the average reached ________ percent in 2003-04
A) 3; 3.5 B) 2; 205 C) 1.7; 3.2 D) 2; 1.5
The Federal Open Market Committee is responsible for directing
a. issuing government securities. b. setting monetary policy. c. setting reserve requirements. d. printing money. e. All of the above
Which of the following is NOT one of the basic questions that an economic system attempts to answer?
A) How to eliminate choices? B) What to produce? C) How will goods and services be produced? D) For whom will goods and services be produced?