Although most slaves came to the colonies before 1776, the majority of other types of labor came to North America voluntarily
Indicate whether the statement is true or false
True
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Suppose a relatively low income family has a monthly budget of $1,000 to allocate between food and a non-food composite good. In this problem, assume food is aggregated into a "composite food" good that is modeled on the horizontal axis, and the non-food composite good is denominated in "dollars of other consumption". The price of food is $10 per unit. Suppose further that this family's tastes exhibit kinks in indifference curves, with one such indifference curve graphed below.
a. Draw the family's budget constraint and label the optimal consumption
bundle. b. Due to unexpected droughts, the price of food rises to $20. A cash subsidy S that leaves our family with the same level of happiness as it enjoyed prior to the price increase is proposed. How much would this subsidy cost for this family? c. An alternative proposal suggests a price subsidy s that lowers the price of food for this family from $20 to ($20-s), with s set sufficiently high to allow the family to reach its original utility level. d. Yet a third proposal suggests a price subsidy that leaves in tact the new price of $20 for the first 20 units of food bought by the family but then lowers the price for this family to $(20-s') while also making the family just as happy as it was before. How high does s' have to be to accomplish this? e. If cost is all you care about, how would you rank these three policies? What if you care about food consumption for this family and believe a policy is better if it results in more food consumption? What will be an ideal response?
The above figure shows the U.S. market for 1 carat diamonds. With free trade, the price in the United States for diamonds is equal to ________ and with the quota illustrated in the figure, the price in the United States is equal to ________
A) $4,000; $2,000 B) $2,000; $3,000 C) $4,000; $3,000 D) $2,000; $2,000 E) $2,000; $4,000
When airplanes take off and land at Logan airport, residents of East Boston complain about the noise. The same planes make the same noise during the trip to Boston from Paris, but there are no ____ for most of the trip because ____
a. jet sounds; noise doesn't travel at high altitudes b. third parties; there are no externalities c. externalities; there are no third parties d. complaints; airplanes are insulated e. free riders; passengers must pay to board the plane
Inventory reductions caused by strong demand are signals to retailers to order more products.
Answer the following statement true (T) or false (F)