Farm programs such as those of the United States and the European Union:
A. encourage the United States and the European Union to use tariffs and quotas to restrict
agricultural imports.
B. cause U.S. and EU farmers to produce less than domestic consumers want to purchase.
C. increase world market prices for agricultural products.
D. raise farm output in developing nations.
Answer: A
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Based on the data in the tables below, you can conclude that:
Two nations, ECON and OMICS, each produce goods A and B. The table gives points on each nation's production possibilities curve.
A. OMICS has a comparative advantage in the production of good A
B. ECON has a comparative advantage in the production of good A
C. ECON has a comparative advantage in the production of good B
D. Neither ECON nor OMICS has a comparative advantage
When the price of coffee is $2.2 per cup, 11 million cups are demanded, and when the price of coffee goes up to $2.6 per cup, 10 billion cups are demanded. The coffee in this range has a(n)
A. elastic demand. B. unit elastic demand. C. perfectly elastic demand. D. inelastic demand.