World Economics Answers
Suppose that Ireland has placed a tariff of 12% on its exports and a tariff of 21% on its imports. If Ireland has tariff revenue worth (equivalent US dollars) $9,148,200 and a balance of trade of $7,100,000, what are its exports and imports worth?
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Suppose that Ireland has placed a tariff of 12% on its exports and a tariff of 21% on its imports. If Ireland has tariff revenue worth (equivalent US dollars) $9,148,200 and a balance of trade of $7,100,000, what are its exports and imports worth?
Say that Spain has a working population of 20,081,537 people, and that the average yearly salary is €36,238. How much tax revenue would the Spanish government generate every year with a 41.15% income tax rate, to the nearest euro?
The following table details the working populations, income tax rates, and average salary (in equivalent US dollars) for Peru and Chile.CountryWorkforceAverage Salary ($)Income Tax RatePeru10,618,7048,71424.1%Chile7,210,59514,62231.4%Based on the information in the table, how do the annual tax revenues of Peru and Chile compare to one another?
Suppose that Algeria has a workforce of 9,416,534, each of whom earns an average annual salary of (equivalent US dollars) $6,844. If the Algerian government wishes to raise $9 billion in tax revenue, approximately where should it set the income tax rate?
An economist tracking a country’s imports and exports finds that one year, the country’s imports total an equivalent of $64,821,824, and its exports total an equivalent of $54,058,726. What is this country’s balance of trade for that year?
Suppose that the countries of Finland, Hungary, Poland, and Belgium are economically interdependent. The following table shows exports and imports between these countries, with all monetary values given in millions of euros.Country of OriginExporting to...Amount (€ 1,000,000)FinlandHungary2,298FinlandPoland2,499FinlandBelgium3,913HungaryFinland2,614HungaryPoland3,970HungaryBelgium2,380PolandFinland3,496PolandHungary4,973PolandBelgium2,971BelgiumFinland3,023BelgiumHungary3,828BelgiumPoland4,656If these four countries trade only with each other, what is the difference between the highest balance of trade and the lowest balance of trade within this group?
Which statement(s) most directly apply to communism?I. There is little or no private ownership.II. Businesses are operated for the benefit of the people as a whole.III. Individuals who take risks can gain great profits.
Miki, a resident of Kyoto, earns an annual salary of ¥6,760,950. If the Japanese government levies a 29.12% income tax on Miki’s tax bracket, what is her yearly take-home pay, to the nearest whole yen?
Which economic system is friendliest to entrepreneurs?
The following table details the working populations, income tax rates, and average salary (in equivalent US dollars) for Peru and Chile.CountryWorkforceAverage Salary ($)Income Tax RatePeru10,618,7048,71424.1%Chile7,210,59514,62231.4%Based on the information in the table, how do the annual tax revenues of Peru and Chile compare to one another?
Which of the following are reasons why governments might use tariffs?I. Tariffs raise government revenue.II. Tariffs can protect domestic trade by making foreign trade more expensive.III. Tariffs reduce the amount of money flowing in to a country, which reduces inflation.
Which of the following are reasons why governments might use tariffs?I. Tariffs raise government revenue.II. Tariffs can protect domestic trade by making foreign trade more expensive.III. Tariffs reduce the amount of money flowing in to a country, which reduces inflation.
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