The primary goal of an agricultural extension service is to
(a) bring new areas under cultivation.
(b) increase the yield per hectare.
(c) introduce land reform.
(d) assist rural-urban migration.
B
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Tom and Jerry have two tasks to do all day: make dishes and build fences. If Tom spends all day making dishes, he will have make 16 dishes. If he instead devotes his day to building fences, Tom will build 4 fences. If Jerry spends his day making dishes, he will make 14 dishes; if he spends the day building fences, he will build 7 fences. The opportunity cost of one fence is _______ for Tom and ________ for Jerry. Therefore Tom should specialize in ______________.
A. 4 dishes; 2 dishes; dishes B. 16 dishes; 14 dishes; dishes C. 4 dishes; 2 dishes; fences D. 16 dishes; 14 dishes; fences
When a negative externality is present in a market, total surplus is:
A. higher when buyers only consider private costs. B. lower when buyers only consider private costs. C. lower when buyers consider social costs. D. None of these statements is true.
Recall the Application about the decrease in price of illegal drugs in the United States to answer the following question(s).Recall the Application. If the decrease in price of illegal drugs is due to equal changes in demand and supply, the equilibrium quantity of drugs:
A. will increase. B. will decrease. C. will not change. D. may or may not change.
Recall the Application about using value added to measure the size of Walmart to answer the following question(s). Explain why we should use Walmart's value added, not its sales, when analyzing its impact on the U.S. economy.
What will be an ideal response?