During World War II, price supports for agriculture:
a. were not generally needed because of high demand.
b. were considered by Congress but never enacted.
c. were rescinded in order to encourage reductions in output.
d. led to decreases in the supply of many products.
a. were not generally needed because of high demand.
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In the United States, what percentage of smog comes from manufacturing sites?
a. 5 percent b. 15 percent c. 25 percent d. 40 percent e. 80 percent
In the United States approximately 80 percent of millionaires did not inherit their wealth. This illustrates the
a. amount of transitory income in the United States. b. effectiveness of government anti-poverty programs in the United States. c. great economic mobility in the United States. d. level of permanent income in the United States.
In reality, overall growth and income for the poorest are:
A. uncorrelated. B. highly negatively correlated, but not perfectly. C. slightly positively correlated. D. highly positively correlated, but not perfectly.
Consumer surplus is:
a. ?the amount by which quantity supplied exceeds quantity demanded at the current market price. b. ?valued by the difference between the maximum price consumers are willing to pay and the amount they actually pay. c. ?the change in total utility derived from a one-unit change in the consumption of a good. d. ?the amount by which quantity demanded exceeds quantity supplied at the current market price. e. ?the horizontal sum of the individual demand curves for all consumers in the market.