Which of the following federal farm programs was successful in reducing agricultural surpluses?
a. The Agricultural Act of 1948
b. The Emergency Act of 1978
c. The Emergency Feed Grain Bill of 1961
d. The Soil Bank Act of 1956
c. The Emergency Feed Grain Bill of 1961
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The time-inconsistency problem in monetary policy can occur when the central bank conducts policy
A) using a nominal anchor. B) using a strict and inflexible rule. C) on a discretionary, day-by-day basis. D) using a flexible, discretionary rule.
When a good is rival in consumption:
A. one person's consumption prevents or decreases others' ability to consume it. B. it is possible for sellers to prevent its use by those who have not paid for it. C. consumers have a perception of scarcity of that good. D. the government has specific import policies limiting its supply.
Which of the following would indicate that the dollar amount being analyzed is money?
a. M1 money stock of $1.4 trillion at the end of 2010 b. Microsoft profits of $500 billion in 2010 c. The first quarter of 2002 d. Nominal GDP in 2010 of $14.7 trillion
All else equal, what happens to consumer surplus if the price of a good decreases?
a. Consumer surplus increases. b. Consumer surplus decreases. c. Consumer surplus is unchanged. d. Consumer surplus may increase, decrease, or remain unchanged.