Between 1945 and 1985, the number of farms declined and the average farm size increased, both of which suggest that
a. people were eating less food
b. price support programs were enriching farmers
c. farm incomes decreased
d. land prices decreased
e. large-scale farming was more efficient than small-scale farming
E
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To maximize the economic pie, government should
A) provide only those public goods whose benefits outweigh their costs. B) provide no public goods. C) provide only those public goods whose costs outweigh their benefits. D) provide all possible pure public goods.
What is the rationale behind a marketable emission allowance scheme?
A) to discipline polluting firms by specifying the maximum amount of emissions allowed and giving them permits to pollute up to their allowance B) to provide firms with the incentive to consider less costly alternatives to pollution reduction by making firms pay for the right to pollute beyond their specified allowance C) to raise revenue for the government through the sale of emission permits and at the same time set an emissions target D) to create a market for externalities: the scheme brings together buyers and sellers of marketable permits