Which of the following provides the most reasonable explanation for why agricultural interests lobby for higher farm subsidies and price supports?
What will be an ideal response?
Agricultural interests seek a redistribution of income favoring themselves.
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A bank panic refers to a situation where banks are afraid they will not have enough customers to borrow all their excess reserves
Indicate whether the statement is true or false
Popeye produces 20 cans of spinach in 8 hours. Wimpy produces 15 hamburgers in 10 hours. If each hamburger trades for 1.5 cans of spinach, then
a. Popeye's production and productivity are greater than Wimpy's. b. Popeye's production is greater than Wimpy's, but his productivity is less. c. Wimpy's production and productivity are greater than Popeye's. d. Wimpy's production is greater than Popeye's, but his productivity is less.
Which of the following statements is correct?
A. If the profit-maximizing rule is fulfilled, it necessarily follows that the cost-minimization rule is being fulfilled. B. The profit-maximizing and the cost-minimizing rules are such that the fulfilling of one has no bearing on the fulfilling of the other. C. If the profit-maximizing rule is fulfilled, the cost-minimization rule may or may not be fulfilled. D. If the cost-minimization rule is fulfilled, it necessarily follows that the profit-maximizing rule is being fulfilled.
An important determinant of the amount of grains harvested next year by Ethiopian farmers is the amount of seeds planted this year
Given that Western nations have guaranteed to donate five hundred tons of grain next year, this year the Ethiopian farmers will: A) plant more seeds as the food aid establishes a minimum price for grain. B) plant more seeds as the farmers' confidence is restored. C) plant the same amount of seeds as they would have without the food aid. D) plant fewer seeds as consumers demand for grain is completely price elastic. E) plant fewer seeds as the price of grain will be lower with the food aid.