The Food for Peace program is designed to:
A. achieve 100 percent price parity for all farm products.
B. discover new uses for farm products through research and development.
C. take agricultural land out of the production of feed grains.
D. facilitate the distribution of surplus U.S. farm products in the developing countries.
Answer: D
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Which of the following is an example of marginal analysis?
A) To determine the optimal number of workers, a firm calculates the net benefits of hiring an extra worker. B) To determine the optimal amount of fertilizer to be used, a farmer calculates the total benefits of using a given amount of fertilizer. C) To choose the optimal apartment to rent, an individual estimates the net benefits of renting an apartment close to his place of work. D) To determine the optimal output that a firm should sell, the manager calculates the total revenue earned by selling different levels of output.
The demand for xenite ore is fixed over time and is given as:
q = 40 - P where q is the number to tons of ore produced and P is the price per ton of xenite ore. The marginal extraction cost is $15 per ton and is also constant over time. The total quantity of the resource currently known to exist is 53.29 tons. The interest rate is 10 percent. Using the Hotelling rule for an exhaustible resource, complete the following table. Time Period Price Marginal Cost q Cumulative Production Today 15 1 Year 15 2 Years 15 3 Years 15 4 Years 15 5 Years 15 6 Years 15 7 Years 40.00 15 0 53.29
Normative economics deals with
a. how the economy actually works b. how a change in government budgets affects the price level c. how prices are determined in specific markets d. value judgments e. the historical growth of an economy
A horizontal merger between two firms occurs when
a. the goods produced by the merging firms are not related b. one firm produces goods while the other produces services c. one firm is a domestic firm and the other is a foreign firm d. the firms were in a buyer-seller relationship before the merger e. the merging firms produce identical or close substitute goods