What has been the market outcome of government-enforced price floors for agricultural products?
A. A shortage of agricultural products has resulted.
B. Not enough food has been produced.
C. Farmers have been made worse off.
D. A surplus of agricultural products has resulted.
Answer: D
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(Long run) average cost curves are U-shaped when the production technology has decreasing returns to scale and the firm faces recurring fixed costs.
Answer the following statement true (T) or false (F)
Capital markets of poor developing countries that liberalized their financial systems to allow private asset trade with foreigners are called
A) direct foreign markets. B) foreign exchange markets. C) stock & bond markets. D) emerging markets. E) fledgling financial markets.
If 100% of individuals in a group are required to agree before an action can take place then _____
a. external costs will be high b. we cannot determine the level of external costs without additional information c. external costs will be zero d. external costs will be low
Critics of unions tend to focus on the fact that unions
A) tend to generate higher wages. B) reduce profits. C) are politically active. D) engage in restrictive labor practices.