PRINCIPLES OF ECONOMICS
14th Edition
ISBN: 2810015433483
Author: OpenStax
Publisher: OpenStax
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Textbook Question
Chapter 3, Problem 47CTQ
Agricultural
Expert Solution & Answer
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Students have asked these similar questions
Why do some people oppose the state of food and agriculture of 2021?
Which of these is one effect of government price supports in the agriculture industry?
The supply of agricultural goods is reduced relative to consumer demand.
There is a greater competition from foreign agricultural suppliers.
The price of agricultural goods is lower for consumers.
There is a greater efficiency in the use of farmland by agricultural producers
“Because consumers as a group must ultimately pay the total income received by farmers, it makes no real difference whether the income is paid through free farm markets or through price supports supplemented by subsidies financed out of tax revenue.” Do you agree?
Chapter 3 Solutions
PRINCIPLES OF ECONOMICS
Ch. 3 - Review Figure 3.4. Suppose the price of gasoline...Ch. 3 - Why do economists use the ceteris paribus...Ch. 3 - In an analysis of the market for paint, an...Ch. 3 - Many changes are affecting the market for oil....Ch. 3 - Lets think about the market for air travel. From...Ch. 3 - A tariff is a tax on imported goods. Suppose the...Ch. 3 - What is the effect of a price ceiling on the...Ch. 3 - Does a price ceiling change the equilibrium price?Ch. 3 - What would be the impact of imposing a price flour...Ch. 3 - Does a price ceiling increase the decrease the...
Ch. 3 - If a price floor benefits producers, why does a...Ch. 3 - What determines the level of prices in a market?Ch. 3 - What does a downward-sloping demand curve mean...Ch. 3 - Will demand curves have the same exact shape in...Ch. 3 - Will supply curves have the same shape in all...Ch. 3 - What is the relationship between quantity Demanded...Ch. 3 - How can you locate the equilibrium point on a...Ch. 3 - If the price is above line equilibrium level,...Ch. 3 - When the price is above the equilibrium, explain...Ch. 3 - What is the difference between the demand and the...Ch. 3 - What is the difference between the supply and the...Ch. 3 - When analyzing a market, how do economists deal...Ch. 3 - Name some factors that can cause a shift in line...Ch. 3 - Name some farm that can cause a shift in the...Ch. 3 - How does one analyze a market where both demand...Ch. 3 - What causes a movement along the demand curve?...Ch. 3 - Does a price ceiling attempt to make a price...Ch. 3 - How does a price ceiling set below the equilibrium...Ch. 3 - Does a price floor attempt to make a price higher...Ch. 3 - How does a price floor 521 above the equilibrium...Ch. 3 - What is consumer surplus? How is it illustrated on...Ch. 3 - What is producer surplus? How is it illustrated on...Ch. 3 - What is total surplus? How is it illustrated on a...Ch. 3 - What is the relationship between total surplus and...Ch. 3 - What is deadweight loss?Ch. 3 - Review Figure 3.4. Suppose the government decided...Ch. 3 - Explain why the following statement is false: In...Ch. 3 - Explain why the following statement is false: In...Ch. 3 - Consider the demand for hamburgers. If the price...Ch. 3 - How do you suppose the demographics of an aging...Ch. 3 - We know that a change in the price of a product...Ch. 3 - Suppose there is a soda tax to curb obesity. What...Ch. 3 - Use the four-step process to analyze the impact of...Ch. 3 - Use the four-step process to analyze the impact of...Ch. 3 - Suppose both of these events took place at the...Ch. 3 - Must government policy decisions have winners and...Ch. 3 - Agricultural price supports result in governments...Ch. 3 - Can you propose a policy that meld induce the...Ch. 3 - What term would an economist use to describe what...Ch. 3 - Explain why voluntary Martians improve social...Ch. 3 - Why would a free market mar operate at a quantity...Ch. 3 - Review Figure 3.4 again. Suppose the price of...Ch. 3 - Table 3.8 shows information on the demand and...Ch. 3 - The computer market in recent years has seen many...Ch. 3 - Table 3.9 illustrates the markets demand and...Ch. 3 - Table 3.10 shows the supply and demand for movie...Ch. 3 - A low-income county decides to set a price ceiling...
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- Subsidies are A. all of the other answers. B. rewards for those receiving a positive externality. C. paid by the receiver of external benefits. D. the opposite of taxes.arrow_forwardDescribe how government intervention affects the supply and demand equilibrium.arrow_forwardEvaluate the arguments for government intervention in the markets.arrow_forward
- Discuss and provide two examples of how subsidies can be economically harmful.arrow_forwardWhat are pros and cons to increasing the gasoline tax?arrow_forwardWhich of the following is an example of an exemption? A. people paying less on their taxes because they take care of childrenB. profits earned after costs are subtracted from total earningsC. amount of money used to pay for maintaining national parksD. money paid by corporationsarrow_forward
- Subsidies: Definition Explain why governments provide subsidies. Draw a diagram to show a subsidy, and analyze the impacts of a subsidy on market outcomes. Discuss the consequences of providing a subsidy on the stakeholders in a market, including consumers, producers and the government (EVALUATE). Calculate the effects on markets and stakeholders of subsidiesarrow_forwardSubsidies are a part of ___________ expenditurearrow_forwardOutline the advantages and disadvantages of consumer subsidies.arrow_forward
- Once the government imposes a Tax per unit sold in a market, the following will occur, EXCEPT: Question 11 options: The (after tax) price paid by the consumer will increase and the (after tax) price received by the producer will decrease. The Tax will reduce consumer's and producer's surpluses (net benefits) The tax will generate a DWL (dead weight loss). The tax will have a higher tax incidence on the most relatively Elastic sector (demand or supply)arrow_forwardRefer to Figure 4. If the government imposed a corrective tax that successfully moved the market from the market equilibrium to the social optimum, then tax revenue for the government would amount toarrow_forward
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