What three sources of revenue finance the EU budget?
What will be an ideal response?
Tariffs on goods entering EU; EU share of national value added taxes; payments from member countries based on the size of their economies
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An important foundation of the new growth theory is that
A) we will get more technological advances when the rewards for producing them are greater. B) the growth rate of the capital stock is more important than the growth rate of new knowledge in generating economic growth. C) we will get more technological advances the more the government is involved. D) improvements in labor productivity are poor measures of technological growth.
Unemployment that arises as a result of the time it takes for unemployed people to locate a job utilizing their transferable skills is called __________ unemployment
A) structural B) cyclical C) natural D) frictional
The Bureau of Labor Statistics would categorize a person as ________ if they were temporarily away from their job because they were ill
A) employed B) out of the labor force C) unemployed D) a discouraged worker
What is the marginal rate of substitution?
A) the rate at which the consumer is willing to trade one good for another without any loss in utility B) the rate at which the consumer is willing to trade one good for another so that she increases her utility C) the price ratio D) the rate at which the consumer must give up one good to purchase an additional unit of the other goods in the market