Which of the following statements is true?
A. The average farm has gone from 500 acres in the 19th century to 100 acres today.
B. The Freedom to Farm Act of 1996 ended government payments to farmers.
C. Despite hundreds of billions of dollars on farm price-support payments since World War II, the family farm is vanishing.
D. About 20 million people live on farms today.
C. Despite hundreds of billions of dollars on farm price-support payments since World War II, the family farm is vanishing.
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When people use all the relevant data and principles of economics to forecast inflation, they are making
A) what is called a "data-based forecast." B) an always accurate forecast. C) a mistake. D) what is called a "rational expectation." E) an exaggerated forecast.
Which of the following is a valid characteristic of the U.S. economy over the last sixty years?
A) Investment is smoother than most of the other components of GDP, especially consumption. B) Government spending has remained around 20% of GDP over much of the postwar period. C) The U.S. has, for the most part, been running a trade surplus which has trended upward to over 5% of GDP. D) all of the above E) none of the above
Suppose a copyright's owner has successfully proven in court that an infringer has illegally reproduced the copyrighted material. If the copyright's owner has lost $8 million in profits because of the infringement and the infringer has earned $5 million in profit as a result of illegally reproducing the copyrighted material, the copyright's owner will be awarded ________.
A) $3 million B) $13 million C) $5 million D) $8 million
In a free market, a firm's rate of output is determined
a. where marginal social cost equals marginal social benefit b. where marginal private benefit equals marginal social benefit c. where marginal social cost equals marginal private cost d. where marginal private cost equals marginal private benefit e. by government