Refer to the below graph of the market for wheat. The government adopts a price support program for wheat, and supports the wheat price at P2. The area of Q1ABQ2 would measure the:
A. Total amount received by farmers from selling wheat
B. Total profits of wheat farmers
C. Amount government will pay to wheat farmers
D. Amount buyers of wheat will pay to wheat farmers
C. Amount government will pay to wheat farmers
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The owner(s) of a corporation
A) is the entrepreneur. B) are the shareholders. C) are the bondholders. D) is the CEO.
A customs duty is
a. a tax in the form of a percentage of the value of the good taxed b. a fixed tax in the form of cents or dollars per unit of the good c. a sales tax applied to a foreign good d. any tax levied on a good e. the same as a poll tax
You have read that the free rider problem affects equilibrium in a public good context. Explain how this situation can be modeled as a prisoner's dilemma game.
What will be an ideal response?
In the financial crisis that precipitated the 2007-2009 recession, people systematically overestimated their prospects for financial gain. Which branch of economics would most likely have expected to predict this?
A. Neoclassical economics. B. Keynesian economics. C. Behavioral economics. D. Classical economics.