Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN: 9781305506725
Author: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher: Cengage Learning
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Chapter 1, Problem 9CQ
To determine
Explain the positive economics of agricultural policy.
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Chapter 1 Solutions
Economics: Private and Public Choice (MindTap Course List)
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- Ghana's president is also very interested in banning the imports of food in order to increase nutrition in her country. What is the logic behind this? Will it work?arrow_forwardThe real world is dynamics. If so, why do agricultural economics continue to rely so heavily on comparative static?arrow_forwardExplain why economics is so coolarrow_forward
- Explain equilibrium in economics?arrow_forwardOne key feature of a market economy is price flexibility, which allows most prices to rise and fall to reflect the forces of supply and demand. True or false?arrow_forwardIf people can't afford the equilibrium price for a good, would it be a good idea for the government to force the producer to produce it and give it to the poor people? Why or why not?arrow_forward
- WHO IS THE FATHER OF THE MODERN ECONOMICSarrow_forwardHow does sociology affect the economics of a region?arrow_forwardGenerally speaking, what must occur in order for demand to shift? Supply to shift? How does the concept of the invisible hand help explain how markets reach equilibrium?arrow_forward
- If executives of various firms met in a smoke-filled hotel room to fix prices and to allocate which firms will produce what quantity of the good or service, then what are they doing?arrow_forwardThis is a picture of a farmer's market. A farmer's market is a place where farmers bring their fresh produce to sell to consumers at low prices. Based on the information provided to you, name at least two scarce resources that were probably used to produce the fruits and vegetables shown in the picture. What would happen if one of those resources were no longer available? Choose which resource you want to pretend is no longer available, then provide an example as to how the business would be affected.arrow_forwardTo what extent are free markets morally justified? In your answer, you may want to be clear about the difference between the welfare-based and freedom-based arguments in support of free markets.arrow_forward
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