Government intervention in agricultural markets in the U.S. began
A) during World War II to ensure that enough food was available for domestic consumption.
B) after World War I in order to assist farmers to adjust from a war-time economy to a peace-time economy.
C) during the Great Depression.
D) during the Korean War.
Answer: C
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The demand for money curve is shown in the figure above. A movement from point B to point C could be the result of
A) a rise in the real interest rate. B) an increase in the quantity of money held by banks. C) a fall in the nominal interest rate. D) a rise in the real interest rate matched by an equal fall in the nominal interest rate. E) a decrease in the total benefit from holding money.
Suppose your instructor gave hats with your school's logo to half of your economics classmates. She then asked these students to value the hats, and the average response was $9 per hat
Under the endowment effect, we should expect that the average value assigned by the economics students who did NOT receive the hats to be: A) higher. B) lower. C) the same. D) We cannot answer this question without knowing more about the risk preferences of the students.
Income tax collections:
A. fall during periods of prosperity, thus increase federal budget deficits. B. rise during periods of prosperity, thus reduce federal budget deficits. C. fall during recessions, thus increase the problem of unemployment. D. rise during recessions, thus increase the problem of unemployment.
Total utility is
A. relatively easy to measure. B. the additional satisfaction gained by consuming one more unit of something. C. the total amount of satisfaction yielded by the consumption of a good or service. D. used to compare different people's likes and dislikes.