The Commodity Credit Corporation is a buyer of last resort for selected farm products.
Answer the following statement true (T) or false (F)
True
The CCC becomes a buyer of last resort through its loan programs. Farmers can borrow money from the CCC at loan rates set by Congress.
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An insight into business cycles is gained by the fact that
A) changes in real GDP result in changes in autonomous expenditures. B) at a peak, a decrease in autonomous expenditure leads to a decrease in induced expenditure. C) autonomous expenditure does not change at either a peak or a trough. D) at a peak, autonomous expenditure increases, thereby leading to a recession. E) at a trough, induced expenditure decreases, thereby leading to an expansion.
Which of the following is NOT an economic good?
A) a haircut B) broccoli C) garbage D) a textbook
The simple spending multiplier understates the amount by which output changes
a. True b. False Indicate whether the statement is true or false
The marginal revenue product of land is a downward sloping relationship due to the law of diminishing returns
Indicate whether the statement is true or false