The pre-1973 farm price support program resulted in a(n)
a. substantial increase in the number of farmers
b. substantial increase in the number of farms
c. excess demand for farm goods
d. excess supply of farm goods
e. major benefit to consumers of farm goods
D
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The optimum tariff is
A) the best tariff a country can obtain via a WTO negotiated round of compromises. B) the tariff, which maximizes the terms of trade gains. C) the tariff, which maximizes the difference between terms of trade gains and terms of trade loses. D) not practical for a small country due to the likelihood of retaliation. E) not practical for a large country due to the likelihood of retaliation.
If oranges were found to cure cancer
A) the equilibrium price of apples would likely fall. B) the equilibrium price of oranges would likely increase in the near term. C) the equilibrium quantity of oranges would likely increase. D) All of the above.
In Eastern Europe and the countries of the former Soviet Union,
a. grave environmental problems plague Eastern Europe. b. the area suffers from widespread illness and countless premature deaths. c. the Aral Sea, once the world's fourth-largest inland sea, is now half its previous size. d. All of the above are correct.
Thomas Robert Malthus said that
A. our population is growing faster than our food supply. B. our food supply is growing faster than our population. C. our food supply and our population are growing at the same rate.