Which of the following is the government not permitted to do with surplus farm goods?
a. sell to foreign countries at lower than market prices
b. support child nutrition programs
c. give the food to charitable food banks
d. compete with farm-goods producers
e. destroy the food
D
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Consumers know that some fraction x of all new cars produced and sold in the market are defective. The defective ones cannot be identified except by those who own them. Cars do not depreciate with use. Consumers are risk-neutral and value nondefective cars at $10,000 each. New cars sell for $8,000 and used ones for $2,000. (Note that since buyers are risk-neutral, the price of a new car reflects the expected value of purchasing a car that may or may not be defective.) What is the fraction x?
Suppose that P × Y is $5,000 million a year and the quantity of money is $500 million. Then the velocity of circulation is
A) 50. B) 10. C) 500. D) 20. E) 2,500,000.