Answer the following statements true (T) or false (F)
1. An example of the special interest effect is a farm program from which a large group receives small benefits at the expense of a smaller group who individually suffer large losses.
2. The Freedom to Farm Act of 1996 aimed to eliminate agricultural price supports and acreage allotments for many crops.
3. The movement to eliminate agricultural subsidies in the U.S. and make farmers rely more on market forces, starting with the Farm Act of 1996, continues to this day.
4. The Food, Conservation, and Energy Act of 2008 provides farm subsidies in the form of direct payments, countercyclical payments and marketing loans to farmers.
1. F
2. T
3. F
4. T
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Which of the following statements is true?
A) Positive economics deals with issues that are subjective. B) Normative statements depend on personal preferences. C) Positive economics recommends what people ought to do. D) Normative economic statements can be confirmed or disproven.
Explain the three reasons the aggregate demand curve slopes downward
What will be an ideal response?
The federal government has encouraged home ownership through ________
A) an increase in home prices B) an increase in domestic interest rates C) a decrease in the implicit rent on residential housing D) allowing mortgage interest to be tax deductible
Although most slaves came to the colonies before 1776, the majority of other types of labor came to North America voluntarily
Indicate whether the statement is true or false