Which of the following has the highest farm subsidies as a percent of the value of production?
A. Japan
B. The European Union (EU)
C. The United States
A. Japan
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A deep recession hits the world economy, and real GDP in the rest of the world decreases. In the United States,
A) aggregate supply increases and aggregate demand decreases, so the effect on the price level is uncertain. B) aggregate supply and aggregate demand both decrease, and the price level rises. C) aggregate supply and aggregate demand both increase, and the price level rises. D) aggregate supply decreases while aggregate demand does not change, and the price level rises. E) aggregate demand decreases while aggregate supply does not change, and the price level falls.
FDA approval is ________ if the increase in costs to patients (including the increase in deaths) is greater than the increase in benefits due to more rapid approval.
A. just right B. too stringent C. too lax
If the graph shown is displaying a competitive labor market, the equilibrium wage in the market would be:
A. D. B. S. C. P*. D. Q*.
Price differentiation is a situation in which
A. consumers' comparison-shop. B. there are different prices for the same product that are not due to differences in the marginal cost of providing the commodity to different groups of buyers. C. there are different prices for similar products reflecting differences in the marginal cost of providing the commodities to different groups of buyers. D. the demand curve is vertical.