In a nutshell, what explains the chronic problem that farmers face in the United States?
a. Farmers cannot produce sufficient quantities of food to keep up with the growing demands of consumers
b. There has been misuse of the price floor mechanism.
c. An increase in the number of farms created agricultural overpopulation.
d. Farmers have failed to adapt new technology in an ever-increasing technological world.
e. The outward shift in the supply curve of the farm goods they produce has been greater than the outward shift in the consumers' demand curve for those goods.
E
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A Big Mac costs $4.79 in the United States and 9.6 zlotys in Poland. If the exchange rate is 3 zlotys per dollar, what is the dollar cost of a Big Mac in Poland?
A) $1.60 B) $2.00 C) $3.20 D) $4.64
Why is it important to consider the personal income tax when evaluating the corporate income tax? Give an example of how differential rates between the corporate and personal income tax rates can change taxpayer behavior
What will be an ideal response?
A university cafeteria changes from offering all-you-can-eat meals for one low price to selling each food item separately. After this change, one would expect that the marginal utility of the last food item consumed in the cafeteria by the typical student would: a. decrease since less food is now likely to be consumed by students who eat a meal in the cafeteria. b. increase since less food is
now likely to be consumed by students who eat a meal in the cafeteria. c. not change since the same quantity of food is now likely to be consumed at each meal. d. decrease since more food is now likely to be consumed by students who eat a meal in the cafeteria.
All other things remaining equal, low-income nations that increase their investments in deepening their human and physical capital bases will: a. experience higher growth rates than high-income nations that possess larger capital stocks per capita. b. experience lower growth rates than high-income nations that are more technologically advanced
c. incur lower costs than high-income nations that experience higher costs of production due to expensive labor. d. experience the same growth rates as high-income nations that are more technologically advanced.