The need for government subsidies of irrigation produced
(a) the Desert Land Act (1877).
(b) the Interstate Commerce Commission Act (1887).
(c) the Newlands Act (1902).
(d) all of the above.
(a)
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In which of the following market structures is a firm most likely to advertise extensively and fear entry of new firms?
a. perfect competition b. pure monopoly c. monopolistic competition d. oligopoly e. both perfect competition and monopolistic competition
Which of the following is a partially valid economic argument for restricting free trade?
a. Restrictions on foreign trade will increase employment and permanently reduce unemployment. b. Removal of restrictions that have existed for years will initially cause inflation. c. Infant industries need permanent protection to develop and gain productive efficiency. d. A nation needs to protect industries that are vital to national defense in case of future international conflict.
Greater equality in income is supported by the argument that it
A. Increases incentives to work for low-income earners. B. Increases horizontal equity. C. Strengthens the link between effort and reward. D. Stimulates consumption.
A decrease in supply _____ price and _____ the quantity sold.
Fill in the blank(s) with the appropriate word(s).