Which of the following is an effect of the domestic sugar program of the United States on many of the less-developed countries that export sugar?
A. Export earnings and national incomes have increased
B. The decrease in the supply of sugar to world markets from less-developed countries has increased world prices
C. There has been an increase in the production of sugar in the United States and a loss of sales by less-developed countries to the United States
D. There has been improved efficiency in the allocation of agricultural resources
C. There has been an increase in the production of sugar in the United States and a loss of sales by less-developed countries to the United States
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Which of the following will cause the demand curve for a normal good to shift to the right?
a. a decrease in income b. an increase in the price of a complementary good c. a decrease in the price of the good d. an increase in the price of a substitute good e. an expectation of a future price decline
If the marginal propensity to consume is 0.6 and investment spending declines by $50 billion, by how much will equilibrium output change?
a. -$125 billion b. -$83.3 billion c. -$50 billion d. $83.3 billion e. $125 billion
The slope of the ________ is -MPL/MPK.
A. isoquant B. isocost line C. total utility curve D. marginal utility curve
The political functions of government differ from the economic functions of government in that
A) the political functions relate to income distribution while the economic functions relate to the way exchange is carried out. B) the political functions are performed at the federal government while the economic functions are at the state and local government levels. C) the political functions involve elections and the court systems while the economic functions involve taxation and transfers. D) the President deals with the economic functions while Congress deals with the political functions.