In the above figure, the total dollar amount of the Medicare subsidies provided by the government is equal to
A) the difference between Ps and P0 multiplied by QM.
B) the difference between Ps and Pd multiplied by QM.
C) the difference between P0 and Pd multiplied by Qd.
D) the difference between Ps and Pd multiplied by Q0.
B
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Governments and legislatures can erect barriers to entry. Which of the following would NOT be one of them?
A) licenses B) tariffs C) Patentsp D) laws that ensure property rights
Answer the following statements true (T) or false (F)
1. Historically, the international trade policies of the United States favored many import restrictions until the early 1930's. 2. The Hawley-Smoot Tariff Act of 1930 promoted free trade by calling for tariff reductions in excess of 30 percent on agricultural products. 3. The Export-Import Bank is owned by 150 nations, including the United States. 4. Chile has been invited to join the European Union. 5. The Uruguay round of GATT negotiations was encumbered by strong disagreements over reducing domestic support of agriculture and subsidies of agricultural exports.