Refer to the below graph of the market for wheat. The government adopts a price support program for wheat, and supports the wheat price at P2. The area of 0P2AQ1 would measure the:
A. Total amount received by wheat farmers
B. Total profits of wheat farmers
C. Amount the government will pay to wheat farmers
D. Amount private buyers of wheat will pay to wheat farmers
D. Amount private buyers of wheat will pay to wheat farmers
You might also like to view...
A line that rises at a 45 degree angle has a slope of
A. 0.45. B. 1. C. 45. D. 1/45.
Refer to Goods X and Y. Which of the following can cause a parallel, outward shift in the budget line?
Assume that good X is on the horizontal axis and good Y is on the vertical axis in the consumer-choice diagram. PX denotes the price of good X, PY is the price of good Y, and I is the consumer's income. Unless otherwise stated, the consumer's preferences are assumed to satisfy the standard assumptions. a. A rise in the consumer's income. b. A rise in the marginal value of X in terms of Y. c. A fall in the price of good X. d. A fall in the price of good Y.
Hyperinflation refers to an inflation rate which exceeds 5 percent per month
Indicate whether the statement is true or false
One reason why critics argue that large firms should not be broken up is that in some cases
A. large firms have a concentration of economic power. B. large firms are less-efficient producers. C. many smaller firms would be less-efficient producers. D. there is no economic reason to break up large firms that may have some control over the market.