Refer to the information provided in Figure 9.1 below to answer the question(s) that follow. 
Figure 9.1Refer to Figure 9.1. If this farmer is maximizing his profits, his TVC is
A. $24.
B. $42.
C. $108.
D. $255.
Answer: C
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In the 1990s, Congress considered an agriculture bill that would gradually reduce price supports for many agricultural products. If the bill were to be approved, what would most likely happen to the number of families employed in agriculture?
A. It would decrease, because agricultural prices would fall. B. It would decrease, because agricultural prices would rise. C. It would increase, because agricultural prices would fall. D. It would increase, because agricultural prices would rise.
Giving poor people food instead of cash for food
A. is an in-kind transfer. B. will benefit some more than others, depending on their utility function. C. is politically popular. D. all of these answer options are correct.
A prisoner's dilemma is a situation in which
a. a change in marginal cost may not lead to a change in price b. a firm's competitors follow a price increase but ignore a price decrease c. oligopolists behave irrationally d. oligopolists attempt to maximize sales rather than profits e. an oligopolists demand curve may become perfectly inelastic
When engaging in open market operations to stimulate the economy, the Federal Reserve will
A. sell gold. B. buy gold. C. buy short term U.S. Treasuries. D. sell short term U.S. Treasuries.