A government program that pays farmers the difference between what they were told they would receive for their crops and what they actually receive is known as ______.
a. an output reduction plan
b. a surplus purchase program
c. a deficiency payment program
d. an agricultural price ceiling
c. a deficiency payment program
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Which of the following is not a characteristic of indifference curves?
A) Indifference curves cannot intersect. B) The closer to the origin, the greater the utility level. C) Indifference curves are usually bowed in, or convex. D) The slope of an indifference curve is negative.
A demand schedule shows
a. the "market potential" for a product. b. how much consumers are willing and able to buy at different prices. c. possible combinations of output under different conditions. d. how much producers would like to sell at different prices. e. All of the above are correct.
Environmental regulation by the government
a. leads to ideal outcomes in most cases. b. is often based on goals for pollution levels that were determined by market signals. c. is most appropriate when the pollution of concern comes from many sources. d. is most likely to be economically efficient when the regulation provides substantial benefits for special-interest groups.
In economics, the term marginal refers to:
A. the change or difference from a current situation. B. man-made resources as opposed to natural resources. C. the satisfaction a consumer receives from a good. D. holding everything else constant in the analysis.