Overproduction of farm products in the European Community has been primarily the result of:
A. Low U.S. tariffs on imports of farm products
B. Subsidies to farmers in the European Community
C. Increasing world trade in agricultural commodities
D. Quotas imposed by the European Community on imported products
B. Subsidies to farmers in the European Community
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According to this Application, for approximately 12 million homeowners in 2012, the amount owed on mortgages was higher than the actual value of the homes. Homeowners who find themselves in this situation are said to be
A) "financially grounded." B) "subprime borrowers." C) "underwater." D) "shadow mortgage holders."
Tom is stranded on a deserted island where he can only consume coconuts and crabs. Two of his indifference curves are in the figure above
a) Would Tom prefer his consumption to be at point a or at point b? At point b or at point c? Explain your answers. b) Between points a and b, what is Tom's marginal rate of substitution for a crab?