Farmers receive a relative large amount of transfers per capita because _____
a. farming is in decline
b. there are more farmers than any other interest group
c. agriculture is a national priority
d. farming is the dominant industry in most rural Congressional districts
d
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A production indifference curve describes the input combinations that will produce a given output.
Answer the following statement true (T) or false (F)
The market structure in which the largest quantity of output is sold at the minimum possible price is:
a. monopoly. b. perfect competition. c. oligopoly. d. monopolistic competition. e. monopsony.
The North American Free Trade Agreement is likely to lead to
a. decreased employment in some U.S. industries. b. decreased employment in all U.S. industries. c. increased employment in all U.S. industries. d. no changes in U.S. employment.
Karlos sells his product for $40 each in a competitive price-taker market. At his present rate of output, his marginal cost is $39, average variable cost is $25, and average total cost is $45 . To improve his profit/loss situation, Karlos should
a. increase output b. reduce output but not to zero c. maintain the present rate of output d. shut down e. raise the price