Which of the following government agricultural policies is not aimed at restricting supply?
A) price supports
B) acreage allotments
C) market quotas
D) paying farmers not to produce
A
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If a firm is producing a given level of output in a technically efficient manner, then it must be the case that
A. this is the lowest cost method of producing that output. B. this output level is the most that can be produced with the given levels of inputs. C. each input is producing its maximum marginal product. D. both a and c E. all of the above
A collection of assets is known as a(n):
A. asset-backed security. B. portfolio. C. derivative. D. futures contract.
Resources are used to create goods and services.
Answer the following statement true (T) or false (F)
As compared to the market clearing price, the total amount of consumer surplus and producer surplus is
A) greater for a government-imposed price floor that is higher than that market clearing price. B) greater for a government-imposed price ceiling that is lower than that market clearing price. C) the same as a government-imposed price floor that is higher than that market clearing price. D) smaller for a government-imposed price ceiling that is lower than that market clearing price.