Help Save & Exit 1 Consider a specific example of the special-interest effect. In 2012, it was estimated that the total value of all corn-production subsidies in the United States was about $3 billion. The population of the United States was approximately 300 million people that year. Instructions: Enter your answers as a whole number. a. On average, how much did corn subsidies cost per person in the United States in 2012? (Hint: A billion A million is a 1 followed by six zeros.) a 1 followed by nine zeros. $4 10 per person Вook b. If each person in the United States is willing to spend only $0.50 to support efforts to overturn the corn subsidy, and if antisubsidy advocates can only raise funds from 10 percent of the population, how much money will they be able to raise for their lobbying efforts? erences $4 15 million c. If the recipients of corn subsidies donate just 1 percent of the total amount that they receive in subsidies, how much could they raise to support lobbying efforts to continue the corn subsidy? $. 30 million d. By how many dollars does the amount raised by the recipients of the corn subsidy exceed the amount raised by the opponents of the corn subsidy? %24 15 million Prev 1 of 10 Next >
Help Save & Exit 1 Consider a specific example of the special-interest effect. In 2012, it was estimated that the total value of all corn-production subsidies in the United States was about $3 billion. The population of the United States was approximately 300 million people that year. Instructions: Enter your answers as a whole number. a. On average, how much did corn subsidies cost per person in the United States in 2012? (Hint: A billion A million is a 1 followed by six zeros.) a 1 followed by nine zeros. $4 10 per person Вook b. If each person in the United States is willing to spend only $0.50 to support efforts to overturn the corn subsidy, and if antisubsidy advocates can only raise funds from 10 percent of the population, how much money will they be able to raise for their lobbying efforts? erences $4 15 million c. If the recipients of corn subsidies donate just 1 percent of the total amount that they receive in subsidies, how much could they raise to support lobbying efforts to continue the corn subsidy? $. 30 million d. By how many dollars does the amount raised by the recipients of the corn subsidy exceed the amount raised by the opponents of the corn subsidy? %24 15 million Prev 1 of 10 Next >
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Transcribed Image Text:Help
Save & Exit
1
Consider a specific example of the special-interest effect. In 2012, it was estimated that the total value of all corn-production subsidies
in the United States was about $3 billion. The population of the United States was approximately 300 million people that year.
Instructions: Enter your answers as a whole number.
a. On average, how much did corn subsidies cost per person in the United States in 2012? (Hint: A billion is a 1 followed by nine zeros.
A million is a 1 followed by six zeros.)
%24
10 per person
Book
b. If each person in the United States is willing to spend only $0.50 to support efforts to overturn the corn subsidy, and if antisubsidy
advocates can only raise funds from 10 percent of the population, how much money will they be able to raise for their lobbying efforts?
erences
%24
15 million
c. If the recipients of corn subsidies donate just 1 percent of the total amount that they receive in subsidies, how much could they raise
to support lobbying efforts to continue the corn subsidy?
%24
30 million
d. By how many dollars does the amount raised by the recipients of the corn subsidy exceed the amount raised by the opponents of
the corn subsidy?
15 million
Prev
1 of 10
Next >
MacBook Air
%24
%24
%24
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Recommended textbooks for you
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education