Overproduction of farm products in the European Community has been primarily the result of:
A. Low U.S. tariffs on imports of farm products
B. Subsidies to farmers in the European Community
C. Increasing world trade in agricultural commodities
D. Quotas imposed by the European Community on imported products
B. Subsidies to farmers in the European Community
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Suppose the cost curves in the above figure apply to all firms in the market. If the initial price is P1, firms are ________ and some firms will ________ the industry
A) making an economic profit; leave B) making an economic profit; enter C) incurring an economic loss; leave D) incurring an economic loss; enter
Consider the demand function Qd = 150 - 2P. The effects of other determinants of Qd is reflected in
A) the intercept of the function. B) the slope of the function. C) neither the slope nor the intercept of the function. D) in both the slope and the intercept of the function.
If Congress instituted an investment tax credit, the demand for loanable funds would shift rightward
a. True b. False Indicate whether the statement is true or false
Persons who choose not to become informed on political and governmental matters because they feel that the costs of becoming informed exceed the benefits of becoming informed are
A) rationally ignorant. B) not acting in their own best interests. C) members of special interest groups. D) shortsighted.