Which of the following items have been subsidized by the U.S. federal government for farmers?
A. Insurance, water, drainage, and fertilizer.
B. Fertilizer but not insurance.
C. Insurance but not drainage.
D. Water but not fertilizer.
Answer: A
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Adjudication reduces problems created by negative externalities by
A) assigning liability to the party most able to pay (the deep pocket). B) balancing marginal social benefits against marginal social costs. C) discovering who has what rights. D) making more accurate private benefit-cost analyses. E) measuring externalities more precisely.
The shorter the "pass-through" period, the ________ the desirable BOT effects of devaluation on quantities traded will appear
A) sooner B) longer C) bigger D) smaller
The opportunity cost of going to a movie is
a. the price of the movie b. number of hours you spend watching the movie c. expected gains you experience by watching the movie d. the next best alternative that must be sacrificed in order to go to the movie e. expected gains minus the expected cost of the movie
William likes Dr. Pepper and pork sandwiches. When the price of pork sandwiches rises, the substitution effect causes Dr. Pepper to be relatively
a. more expensive, so William buys more Dr. Pepper. b. more expensive, so William buys less Dr. Pepper. c. less expensive, so William buys more Dr. Pepper. d. less expensive, so William buys less Dr. Pepper.