The Freedom to Farm Act of 1996 was designed to encourage farmers to:
A. Seek more subsidies from government
B. Plant more corn and less soybeans
C. Plant more wheat and less corn
D. Respond to market prices
D. Respond to market prices
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List and discuss various types of goods and services omitted from measured GDP
What will be an ideal response?
Suppose the Fed raises the federal funds rate. Put the following changes in order in which they occur, starting with the changes that take place almost immediately and ending with the changes that may occur up to two years afterwards:
i. Short-term interest rates rise. ii. Long-term interest rate rises. iii. Aggregate demand decreases. iv. Inflation rate decreases. A) ii-i-iv-iii B) ii-i-iii-iv C) i-ii-iv-iii D) i-iii-ii-iv E) i-ii-iii-iv
An appropriate Keynesian response to an inflationary gap is to: a. decrease net taxes
b. decrease government spending. c. decrease interest rates. d. decrease the cash reserve ratio.
Tony is the owner of Tony's Taqueria. Tony is a profit-maximizing owner whose firm operates in a competitive market. An additional worker costs Tony $200 and has a marginal productivity of 40 tacos. Assuming no other variable costs, what is the marginal cost of a taco?
a. $200 b. $8 c. $5 d. There is insufficient information available to answer this question.