Eliminating all farm price floors would
a. raise farmers' profit
b. increase the MRP of farms
c. raise the price of farm goods
d. create an excess demand for farm goods
e. lower farm property values
E
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If the United States' production possibility frontier was flatter to the widget axis, whereas Germany's was flatter to the butter axis, we know that
A) the United States has no comparative advantage B) Germany has a comparative advantage in butter. C) the U.S. has a comparative advantage in butter. D) Germany has comparative advantages in both products. E) the U.S. has a comparative disadvantage in widgets.
The above table depicts output from a firm that manufactures computers. The computers sell for $1,000 each. What is the marginal revenue product (MRP) for the fourteenth worker per week?
A) 90 units B) 80 units C) $70,000 D) $60,000
Supply restrictions in the farming industry occur in the form of
A. Countercyclical payments. B. Acreage set-asides. C. Direct income support. D. Price supports.
Refer to the information provided in Table 22.1 below to answer the question(s) that follow. Table 22.1PersonWeight (lbs)Abe160Boris210Calvin300Darius185Eddie240Franklin175A study to determine the effect that the weight of an average 6 ft. tall man has on the incidence of Type 2 diabetes was conducted in a small town. The six participants and their corresponding weights are listed in the table.Related to the Economics in Practice on p. 728: Refer to Table 22.1. When using regression discontinuity, if this study had a threshold of 180 pounds, the outcomes of which individuals would be compared?
A. Boris, Calvin, Darius, and Eddie B. all six individuals C. Abe and Franklin D. Franklin and Darius