The fastest growing nations today
A) are not saving but instead are investing.
B) have the government directing all their research and development.
C) have non-democratic political systems.
D) have the fastest growing exports and imports.
E) have erected many trade barriers to protect domestic firms.
D
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The above figure shows supply and demand curves for milk. In an effort to help farms, the government passes a law that establishes a $3 per gallon price support, but allows farmers to decide how much milk to produce
The government then provides a deficiency payment to guarantee that the farmers receive $3 per gallon. The required deficiency payment equals A) b + c + f + g + h + i + j. B) b + c + f + g + h + i. C) f + g. D) b + c.
Suppose that a consumer purchases just two goods, X and Y. The slope of the budget line would indicate the:
A. Opportunity cost of good Y in terms of good X given up for each unit of Y B. Opportunity cost of good X in terms of good Y given up for each unit of Y C. Maximum quantity of good Y that the consumer could buy with a given budget D. Maximum quantity of good X that the consumer could buy with a given budget