Farm programs that pay farmers not to plant crops on all their land
a. hurt farmers by lowering their total revenue and hurt consumers by causing shortages of some food items.
b. help farmers by cutting costs, which helps consumers by lowering food prices.
c. help farmers by increasing total revenue in the market but hurt consumers by raising food prices.
d. help farmers directly since they receive government payments but have no real effects on consumers.
c
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Use the following table to answer the question below. Dave's Production Possibilities ScheduleSimon's Production Possibilities SchedulePounds of Green BeansPounds of CornPounds of Green BeansPounds of Corn0160080201204060408080406040120208001600The terms of trade for 1 pound of corn must lie between ________ and ________ pounds of green beans.
A. 1, 4 B. 1, 2 C. 1/2, 2 D. 1/2, 4
One of the components of the human development index is
a. the percentage of the population who are high school graduates. b. the average daily intake of protein. c. life expectancy at birth. d. the number of doctors per hundred people in the population.
Which statement is true?
A. Our rate of productivity increase was greater in the 1980s than the 1960s. B. The key to productivity growth is an increasing labor force. C. Rising productivity could come about with the same output from fewer units of input. D. We have a higher growth rate than the Chinese even though they have a higher savings rate.
Which component of consumption has a negative or indirect relationship with consumption?
A. Real income B. Wealth C. Expected future income D. Interest rates