The Conservation Reserve Program pays farmers to take land out of production. The primary focus of the program is on
A) improving rural landscapes by creating more forested land.
B) reducing erosion.
C) improving habitat for endangered species.
D) maintaining water quality.
Answer: B
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Refer to the figure above. If a price control is imposed at $8, what is the new consumer surplus in the market?
A) $115 B) $125 C) $130 D) $175
Keynesians would recommend
A. Lower government expenditures when there is a shortfall in aggregate demand. B. Lower taxes when there is excess aggregate demand. C. Higher taxes when there is excess aggregate demand. D. Reliance on the market rather than the government for adjustment when an undesirable level of aggregate demand occurs.
Exhibit 3A-2 Comparison of Market Efficiency and Deadweight Loss
As shown in Exhibit 3A-2, if the quantity supplied of good X per year is Q1, the result is:
A. deadweight loss. B. efficiency. C. overproduction. D. equilibrium.
The Bureau of Labor Statistics reported the data in the table above for October 2003
a) Calculate the number of people unemployed. b) Calculate the number of people who are not in the labor force c) Calculate the unemployment rate. d) Calculate the labor force participation rate.