Twenty-eight countries in Europe have eliminated all tariffs with each other. This group of countries is known as the
A) European Union.
B) United Federation of Europe.
C) Gruppo Euro.
D) European Free Trade Association.
Answer: A
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The variable G considered in the model encompasses
A) government expenses on goods. B) government expenses on goods and services. C) government expenses on goods and services as well as transfers. D) government expenses on goods and services as well as transfers and public debt service.
Government intervention
a. provides incentives to conduct business in an illegal black market b. plays no role in generating wealth c. is the best way to eliminate poverty d. does not enforce property rights
Which of the following statements would most economists agree with?
A. Rent controls hurt poor people and help the rich. B. Rent controls hurt everyone. C. Rent control allow for a more equitable distribution of resources. D. Rent controls decrease overall societal welfare.
Every tax has two parts: a(n) ________ and a(n) ________.
A. incidence; rate B. base; incidence C. rate structure; excess burden D. base; rate structure