In the European Union,it Is Estimated That _____ of the Population

question 75

Multiple Choice

In the European Union,it is estimated that _____ of the population has proficiency in a second language; in the U.S.it is estimated that _____ of the population has proficiency in a second language.

• A) 50%; 25%
• B) 56%; 9%
• C) 27%; 53%
• D) 77%; 17%
• E) 100%; 11%

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Definitions:

Quasilinear Preferences

A type of preference where utility is linear in one argument, allowing indifference curves to have the same slope regardless of the level of consumption of other goods.

Equivalent Variation

A measure used in economics to evaluate the change in wealth that would leave an individual's utility unchanged before and after a policy change or a price change.

Compensating Variation

A monetary measure of the amount of money a consumer would need to reach their original utility level after a price change.

Tax

A compulsory financial charge or some other type of levy imposed upon a taxpayer by a governmental organization in order to fund government spending and various public expenditures.