Which of the following is true ofthe Food, Conservation, and Energy Act of 2008?
a. It continued the subsidies tied to farm prices that comprised the major share of transfers to farmers.
b. The act provided support for the development of bio-fuelsintended to supplement gasoline for automobiles.c. It continued large subsidies to American farmers, which makes the US very different from most industrialized nations, which offer few agricultural subsidies and whose farmers operatein a competitive market.
d. It drastically reduced both direct subsidies and subsidies tied to farm prices.
b. The act provided support for the development of bio-fuels intended to supplement gasoline for automobiles.
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Labor saving nonneutral technical progress allows a firm to
A) produce more output with the same inputs. B) use less labor and the same amount of other inputs to produce the same level of output. C) use more labor to produce the same level of output. D) use less labor and more of other inputs to produce the same level of output.
Refer to the above figure. Which panel represents the long-run situation for a monopolistically competitive firm?
A) Panel A B) Panel B C) Panel C D) Panel D
An indication that Insurance companies anticipate adverse selection is
a. they require a deductible b. they do not classify clients into different risk types according to their claim history c. they do not classify clients into different risk types according to pre-existing conditions d. they do not require a co-payment
Which of the following is likely to be excluded from the gross domestic product (GDP) of a country?
a. The value of the drugs being sold in a vacant lot b. The value of the drugs being sold in a pharmacy c. A doctor treating a patient in a hospital d. The value of a new house bought by an individual e. The value of new furnitures bought by an individual