GK
ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Under the EU’s Common Agricultural Policy, a variable import levy equals the
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world price
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support price of the EU
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amount by which the EU’s support price exceeds the world price
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amount by which the world price exceeds the EU’s support price
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Explanation:
Detailed explanation-1: -The common agricultural policy (CAP) is about food, the environment and the countryside. The CAP is a partnership between society and agriculture that ensures a stable supply of food, safeguards farmers’ income, protects the environment and keeps rural areas vibrant.
Detailed explanation-2: -Total CAP commitments for the 2021-2027 period are therefore EUR 386 602.8 million [see table below – line (6)]. The EU budget for 2021 contains a total of EUR 168.5 billion in commitment appropriations. The CAP accounts for 33.1% of the 2021 EU-27 budget (EUR 55.71 billion).
Detailed explanation-3: -To achieve full economic union, the EU introduced a common currency, the euro, controlled by a central EU bank.
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