If farm price supports gave farmers 80 percent parity in 1950 and 60 percent parity in 1975, then we know that
a. the ratio of farm income to nonfarm income was higher in 1975 than in 1950
b. the ratio of farm income to nonfarm income was higher in 1950 than in 1975
c. the ratio of farm prices to nonfarm prices was higher in 1975 than in 1950
d. the ratio of farm prices to nonfarm prices was higher in 1950 than in 1975
e. farmers were better off in 1975 than in 1950
D
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A market will experience a ____ when the price is above equilibrium and a ____ when the price is below equilibrium.
A. shortage, shortage B. surplus, surplus C. shortage, surplus D. surplus, shortage
The above figure shows a housing market with a rent ceiling equal to $1,000. In this figure, what area is equal to the resources lost due to search?
A) area A B) area B C) area C D) area D E) area E
If 10 firms share the sales of the market equally, the four-firm concentration ratio is ________ percent
A) 100 B) 40 C) 10 D) 5
Transfer payments are important for society because
a. the government needs to perform acts of goodwill to maintain citizens' support b. we could not count GDP without them c. they serve to redistribute money from one group of citizens to another d. government investment is an important component of GDP e. they result in lower taxes for citizens