The purchasing power of farmers is determined by the
a. quantity of farm goods that a dollar can buy
b. quantity of nonfarm goods that a dollar can buy
c. quantity of nonfarm goods that a unit of farm goods can buy
d. subsidies farmers receive from the government in the form of price ceilings on farm goods
e. ratio of their incomes to the incomes of nonfarm producers
C
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In a market for emission permits, firms that emit over their allowed limits
A) are forced to shut down. B) are taxed by the government for the amount of emissions. C) receive a subsidy for the amount of emissions. D) pay a price of these emissions.
Dave and Buster play two games of tennis, and then decide to go have lunch. Using the concept of utility to explain their choices, we can conclude that:
A. they each won one game of tennis. B. the marginal utility from playing a third game must be negative for them. C. the marginal utility from playing a third game must be less than the marginal utility from having lunch. D. All of these must be true.