One World View article titled "EU Farm Subsidies" reports about the European Union, "… the subsidy for every cow is greater than the personal income of half the people in the world." Which of the following programs is involved?
A. Consumer rebates.
B. A reduction of production costs.
C. Direct income support.
D. Price supports.
Answer: D
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The reference base period for the CPI has an index number of
A) 100. B) 10. C) 1,000. D) 0. E) 1.
The economic way of thinking assumes
A) people act selfishly. B) people act altruistically. C) people act to promote the projects in which they are interested. D) people do not act at all; they merely react to the environment around them.
Juanita has just started a business and is using her personal car to deliver goods. The use of her car is an example of
A) an explicit cost to the business. B) an implicit cost to the business. C) financial capital. D) interest.
Table 28.2 Firm AFirm BFirm CFirm DExternal Costs$0$________175$________Private Costs400250175200Social Costs________350$________250In Table 28.2, which firm has the greatest difference between social and private costs?
A. Firm A. B. Firm B. C. Firm C. D. Firm D.