Economy

Please include graphs and / examples wherever necessary

1) How does demand inelasticity affect farm prices and farmers’ incomes? How does this issue compare between U.S. agricultural production and primary commodity production in developing countries

2) Define each of the following terms and explain how each affects demand for medical care: (1) physician sovereignty, (2) third-party payment, (3) defensive medicine, and (4) attitudes of patients

3) Explain in detail all the public assistance programs.

4) Explain how social security taxes are regressive.

5) What are the some goods in which you think the United States has an absolute advantage in production? What about low-wage countries such as Thailand and Pakistan? What about tropical countries like Costa Rica and Cuba?

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