Government intervention in agricultural markets was
a. ruled unconstitutional by the Supreme Court in 1936
b. initially introduced to promote agricultural exports and to curb agricultural imports from other countries, especially from Spain
c. initially designed to help consumers by legislating farm prices below their equilibrium levels
d. started in 1933
e. initially designed to promote productivity and to decrease the number of farms in the economy
D
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A curve that shows the cost to the firm of hiring an additional unit of a resource is known as a
a. marginal product curve b. marginal revenue product curve c. total revenue product curve d. marginal revenue curve e. marginal resource cost curve
The international trade of goods within the same industry is called
a. inter-industry trade. b. intra-industry trade. c. splitting up the value chain. c. splitting up the supply chain.
Engaging in any activity using any? resource, even? time, involves trading off the use of that resource for one or more alternative uses.
a. true b. false
The self-correcting tendency of the economy means that falling inflation eventually eliminates:
A. exogenous spending. B. recessionary gaps. C. expansionary gaps. D. unemployment.