Who ultimately benefits from price supports in agriculture?
A) consumers
B) grocery store owners
C) farmers
D) exporters
C
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Suppose that we find that student grades and time spent at parties move in opposite directions. A graph of the relationship between these two variables would curve
A) upward and be linear. B) upward and may be linear or nonlinear. C) downward and be linear. D) downward and may be linear or nonlinear.
In an open economy, the government purchases multiplier will be
A) smaller as the marginal propensity to consume increases. B) smaller as the marginal propensity to import increases. C) larger as the marginal propensity to tax increases. D) larger as the marginal propensity to import increases.
The production possibilities curves illustrated in Figure 35.2 reveal that
A. Mexico has no comparative advantage. B. Mexico has a comparative advantage in baseballs. C. The United States has an absolute advantage in both goods. D. The United States has no comparative advantage.
A private good
A. Experiences free riders. B. Is provided most efficiently by the government. C. Is consumed by one person and excludes consumption by others. D. Results in market failure when provided in markets characterized by laissez faire.