The price parity concept, which is a cornerstone of U.S. agricultural policy, was established by the:
A. Agricultural Income Act of 1914
B. Agricultural Adjustment Act of 1933
C. Obama administration
D. Reagan administration
B. Agricultural Adjustment Act of 1933
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Answer the following statement(s) true (T) or false (F)
1. When both players have dominant strategies, there is one and only one Nash equilibrium. 2. In any game situation, at least one player always has a dominant strategy. 3. An outcome is a Nash equilibrium if and only if both players agree that the outcome is desirable. 4. The main problem in the Prisoners' Dilemma is that the players involved fail to agree on an outcome that would be mutually beneficial.
Although the reciprocal nature of the problem suggest that the proceeds of a corrective tax not be paid to as compensation to those harmed, if compensation is paid to those harmed by externalities _____
a. the payment should be made from general revenues to keep the corrective action separate from the compensatory part b. the payment should be set equal to marginal external cost c. the payment should be made in one lump sum to minimize incentives to create future problems d. the payment should be double the amount of the corrective tax to justly compensate the victims
The income net of taxes is called _____
a. real income b. disposable income c. nominal income d. taxable income e. personal income
The poverty rate is
a. a measure of income inequality across families. b. the percentage of the population whose family income falls below a specified level. c. an absolute level of income set by the federal government for each family size. d. measured by the number of in-kind transfers that a family receives.