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When he ran for President in 2000, Al Gore said that American farmland was disappearing at an "alarming" rate and that soon it would be impossible to grow enough food on the remaining land to feed the entire country, which would mean the prospect of people not having enough to eat. His proposed solution was to have the government place restrictions on converting farmland to other uses, such as subdividing lots for building new homes.
Was Gore's assessment of the situation, along with his policy prescription, based upon accurate economic theory and analysis? Why or why not?
(Note: For this question, we will assume that all food consumed in the USA is grown or produced here. Yes, I know we import food, but this question can be answered even with the assumption that we don't import any food.
Suppose that the demand for federal funds curve is such that the quantity of funds demanded changes by $160 billion for each 1 percent change in the federal funds interest rate. Also, assume that the current federal funds rate is at the 3 percent rat..
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A company is producing 15,000 units. At this output level, marginal revenue is $22, and the marginal cost is $18. The firm sells each unit for $48 and average total cost is $40. What can we conclude from this information?
During 2007, the United States and Japan announced possible limits on Chinese imports through higher tariff rates on Chinese products. To avoid these limits, China would have to: decrease the value of the yuan and increase its trade surplus
Calculate the exact cutoff for the interest rate between the firm undertaking this investment project and not undertaking this project.
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