In 1938, another Agricultural Adjustment Act was passed. The error of the 1933 Act was now avoided. What had that error been?
(a) Acreage allotments
(b) Combining provisions for conservation with subsidies
(c) Imposition of specific taxes on food processors
(d) Excessive delegation of power
(c)
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If the economy receives an influx of new workers from immigration,
A) we will move down along the long-run aggregate supply curve. B) we will move up along the long-run aggregate supply curve. C) the long-run aggregate supply curve will shift to the right. D) the long-run aggregate supply curve will shift to the left.
The practice of imposing import restrictions to protect a newly developing domestic economy typically results in:
a. a rapid improvement in the standard of living. b. expanded trade relations with other nations. c. lower prices of domestic products. d. allocation of resources away from the primary products. e. greater cost efficiency in domestic production.
Growth in employment can result from either an increase in labor supply or an increase in labor demand
a. True b. False
Supply and demand both tend to be more elastic in the long run and more inelastic in the short run
a. True b. False Indicate whether the statement is true or false