Parity price programs were designed to help farmers, not consumers of farm goods
Indicate whether the statement is true or false
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Suppose a 10% increase in the price of aspirin leads to a 5% decrease in the quantity demanded of aspirin. The demand for aspirin, therefore, is
A. unit elastic. B. perfectly inelastic C. inelastic. D. elastic.
The United States has had a long history of work time lost due to worker strikes. This trend has
A. increased over time. B. decreased over time. C. stayed relatively constant during the past century. D. been less of a problem compared to other countries such as Japan.
Suppose a farmer is a price taker for soybean sales with cost functions given by TC = .1q2 + 2q + 30 MC = .2q + 2 If P = 6 the profit-maximizing level of profits is
a. 10 b. 20 c. 30 d. ?10
Suppose that personal income is $250 billion. Furthermore, assume that retained corporate earnings are $2 billion, social security taxes are $15 billion, social security benefit checks equal $16 billion, the capital consumption allowance is $32 billion, and corporate taxes amount to $40 billion. The national income of this nation will be:
a. $236 billion. b. $249 billion. c. $251 billion. d. $279 billion. e. $290 billion.