Farm price support programs have other costs besides the amount paid to farmers, and these costs include the following, except:
A. Rent-seeking activities by consumers
B. Rent-seeking activities by farmers
C. Administrative costs
D. Environmental costs
A. Rent-seeking activities by consumers
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Economists may disagree about how to solve an economic problem because they
A. use different models to analyze the problem and its solutions. B. have different political and moral beliefs. C. disagree about the facts of the situation. D. All of these responses are correct.
What is the approximate relationship among the real interest rate, the inflation rate, and the nominal interest rate?
What will be an ideal response?
Why are transfer payments excluded from government expenditure in the national income accounts?
What will be an ideal response?
The quantity theory of inflation indicates that if the aggregate output is growing at 3% per year and the growth rate of money is 5%, then inflation is
A) 2%. B) 8%. C) -2%. D) 1.6%.