Briefly describe the European Union
What will be an ideal response?
The European Union (EU) is an economic union of 28 nations. It has its own revenue and budget, a set of institutions for making laws and regulating areas of common interest, a common currency, and freedom of movement for people, money, goods, and services.
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Which of the following is typically considered a fixed cost by academic book publishers but a variable cost by companies that print books?
A) postage and supplies B) wages and salaries C) travel D) rent
A reverse Phillips Curve would consist of a
A) positive relationship between deviations from trend in real and nominal interest rates. B) negative relationship between deviations from trend in real and nominal interest rates. C) positive relationship between deviations from trend in the level of prices and the level of aggregate economic activity. D) negative relationship between deviations from trend in the level of prices and the level of aggregate economic activity.
Figure 8.8 shows demand, marginal revenue, and costs of a duopolist. If the two duopolists have the same costs and split the market equally, each profit-maximizing duopolist will earn a profit of ________.
A. $30,000 B. $15,000 C. $10,000 D. $0
Refer to the information provided in Table 19.8 below to answer the question(s) that follow.Table 19.8Total IncomeTotal Taxes$20,000 $2,000 40,000 4,800 60,000 9,000 80,000 16,000Related to the Economics in Practice on page 393: Refer to Table 19.8. If income increases from $20,000 to $40,000, the marginal tax rate is
A. 2%. B. 12%. C. 14%. D. indeterminate from this information.