The Grangers were the first farm organization of importance and are noted for
a. encouraging the federal government to re-issue "greenbacks.".
b. establishing cooperatives that sold farm and consumer goods to their members.
c. refusing to sell grain to foreign countries.
d. forming a cartel that set upper limits on members' output of basic farm products.
e. All of the above.
Ans: b. establishing cooperatives that sold farm and consumer goods to their members.
You might also like to view...
Selling a product at different prices when the price difference is unrelated to costs is a practice known as
A) price fixing. B) price monopolization. C) price discrimination. D) price differentiation.
Which of the following correctly describes the winner's curse?
a. When firms are bidding on an asset of uncertain value, the winning bid is not the average bid, which may be the most reliable estimate of the asset's true value. Instead the winning bid is the lowest bid, and so is the most pessimistic estimate of the asset's value. b. When firms are bidding on an asset of uncertain value, the winning bid is not the average bid, which may be the most reliable estimate of the asset's true value. Instead the winning bid is the highest bid, and so is the most optimistic estimate of the asset's value. c. When firms are bidding on an asset of uncertain value, the winning bid is the average bid, and thus is the most reliable estimate of the asset's value. The winner is cursed because only the most pessimistic bidder has a chance to earn economic rents on the asset. d. When firms are bidding on an asset of uncertain value, the winning bid is not the highest bid, which may be the most reliable estimate of the asset's true value. Instead the winning bid is the average bid, and so is the most optimistic estimate of the asset's value.
Federal, state, and local taxes
A. have been falling as a share of GDP since the 1970s. B. have been increasing as a share of GDP since the 1970s. C. are about a quarter of GDP. D. are about one-third of GDP.
Featherbedding allows unions to increase wages by:
A. limiting the supply of labor. B. increasing firms' demand for labor. C. forcing firms to accept higher-than-equilibrium wages. D. reducing labor share of payroll taxes.