In the long run, the beneficiaries of farm price supports are
a. tenant farmers
b. consumers
c. taxpayers
d. milk drinkers
e. early owners of specialized resources
E
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Which of the following is false? a. Property rights provide the rules of the economic game
b. Well defined property rights give individuals the incentive to use their property efficiently. c. Owners with property rights have an incentive to conserve their property. d. Owners have no incentive to care what values others place on what they own.
During a severe recession, we would expect output to fall the most in
A. agriculture. B. the construction industry. C. the clothing industry. D. the health care industry.
Expanding per capita incomes in the United States have resulted in a(n):
A. More-than-proportionate increase in the demand for agricultural products B. Proportionate increase in the demand for agricultural products C. Less-than-proportionate increase in the demand for agricultural products D. Absolute decline in the amount of agricultural products consumed
Suppose that many consumers tend to over-state the discount rate that should be used for computing the net present value of education, just as they do when making investments in durable goods like cars and appliances
What would happen if consumers (as a group) started to use lower discount rates when making decisions about their education? A) NPV of a degree declines, demand for eduction declines B) NPV of a degree declines, demand for education increases C) NPV of a degree increases, demand for education declines D) NPV of a degree increases, demand for education increases