The FAIR Act of 1996:
a. was invented to provide a transition period for farmers to move from government-subsidized farming to free market farming
b. succeeded in removing the government from farm markets
c. both of the above
d. neither of the above
Answer: a. was invented to provide a transition period for farmers to move from government-subsidized farming to free market farming
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In the above figure, if the price is P1, the firm maximizes its profit by producing
A) nothing. B) where MC equals ATC. C) where MC equals P1. D) where ATC equals P1.
Time series variables fail to be stationary when
A) the economy experiences severe fluctuations. B) the population regression has breaks. C) there is strong seasonal variation in the data. D) there are no trends.
To be a positive economic statement, an assertion must be true
a. True b. False Indicate whether the statement is true or false
The number of sellers in an industry, in part, defines its market
a. performance b. standard c. demand curve d. structure e. profile