A government agricultural policy that sets a limit on the quantity of a product that a farmer is allowed to bring to market is the
A) marketing quota system.
B) acreage allotment program.
C) price support program.
D) target price system.
E) paying farmers not to produce system.
A
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Scarcity:
a. ensures that people become satisfied with less than what they want. b. exists only during a recession. c. exists only in some countries. d. affects only poor people. e. requires people to make choices to satisfy their wants.
The sequence of events following an increase in the federal deficit would be higher interest rates, a(n)
a. depreciating dollar, and a larger current account deficit. b. depreciating dollar, and a smaller current account deficit. c. appreciating dollar, and a larger current account deficit. d. appreciating dollar, and a smaller current account deficit.
Suppose the government imposes a 30-cent tax on the sellers of soft drinks. Which of the following is not correct? The tax would
a. shift the supply curve upward by 30 cents. b. raise the equilibrium price by 30 cents. c. reduce the equilibrium quantity. d. discourage market activity.
Economists generally agree that the most important tax in the U.S. economy is the
a. investment tax. b. sales tax. c. property tax. d. labor tax.