What challenges does the European Union face in the short, medium, and long run?
What will be an ideal response?
In the short to medium run, the EU must continue to create convergence in income and living standards between its poorest and most well off members. In the medium run, the EU must prepare for further widening, in particular the possible accession of Turkey. In the long run, the EU must adapt its economies and social support systems for a much older population.
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A major problem with the implementation of an annually balanced budget is that it: a. allows the national debt to burgeon with chronic deficits
b. relies upon government officials to budget for surpluses during economic booms in order to cover deficits during recessions. c. requires annual revenues to match with outlays even during times of war, when there is a sudden increase in military expenditures. d. magnifies the fluctuations in the business cycle. e. dampens swings in the business cycle.
(Last Word) Based on the concept of price elasticity of demand, which of the following cases is most likely to occur?
A. Golf courses charging higher prices for golf during the week than on weekends. B. Movie theaters charging higher prices for senior citizens. C. Colleges charging lower tuition for low-income students. D. Airlines charging lower fares for business travelers.
Which of the following transactions is included in gross output (GO)?
A. the sales of corporate bonds to an investor B. the estimated costs of human health effects due to air pollution C. the sales of an accounting software package to an accounting firm D. sales of used goods
Some economists argue that the official poverty figures overstate poverty in this country. Why?
What will be an ideal response?