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Chapter 9: Public Ownership (page 327)
What does the term "nationalization" mean?
a government publicly acquiring an asset
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What is 1 advantage of public ownership?
How did successive UK governments use public ownership?
What is the inverse relationship in the demand for labor curve?
How does a change in technology affect the demand for labor?
Japanese rice producers have extremely high production costs, due in part to the high opportunity cost of land and to their inability to take advantage of economies of large-scale production. Analyze two policies intended to maintain Japanese rice production:
(1) a per-pound subsidy to farmers for each pound of rice produced, or
(2) a per-pound tariff on imported rice.
Illustrate with supply-and-demand diagrams the equilibrium price and quantity, domestic rice production, government revenue or deficit, and deadweight loss from each policy. Which policy is the Japanese government likely to prefer? Which policy is Japanese farmers likely to prefer?
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