One result of the agriculture price supports cited in the text is that
A) sometimes surplus food is given away.
B) food shortages result in most cases.
C) small farms receive most of the benefits.
D) none of the above.
Answer: A
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The possibility of a free rider exists:
a. in the presence of external costs and benefits. b. only in the presence of external costs. c. only in the presence of external benefits. d. only in the presence of internal costs. e. only in the presence of a government-produced good.
The term ______ is used to describe the common pattern whereby each marginal unit of a consumed good provides less of an addition to utility than the previous unit.
A. marginal utility pattern B. marginal income utility C. diminishing marginal utility D. decreasing marginal utility
In the graph showing the Phillips curve from 2006 to 2016, we can see that during the period following the 2008 financial crisis, the Phillips curve ______.
a. shifted considerably to the left
b. shifted considerably to the right
c. fluctuated wildly
d. remained fairly stable
The equation representing the consumption schedule for the economy is:
A. C = Y - .6S.
B. Y = C + S.
C. C = 60 + .4Y.
D. C = 60 + .6Y.