The Grangers would most likely support which policy?
a. Price controls on grain operators
b. Price deflation
c. A strong commitment to backing currency only with gold
d. Federal government aid to railroads
a. Price controls on grain operators
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The short-run supply curve of a competitive firm is the portion of:
A) its average cost curve that lies above its marginal cost curve. B) its average cost curve that lies below its marginal cost curve. C) its marginal cost curve that lies above its average variable cost curve. D) its marginal cost curve that lies below its average cost curve.
After World War II (1941–45), the U.S. public debt
(a) remained unchanged in 1947 even though the government ran a budget surplus (government expenditures fell below revenues in 1947). (b) continued to rise even though the government ran a budget surplus at times. (c) decreased even though the government ran a budget surplus continuously. (d) remained high while the government continuously ran deficits.
Refer to Figure 8.9. If the market price of hay falls to $18, then to maximize profits this farmer should produce A) 350 bales of hay. B) 500 bales of hay. C) 750 bales of hay. D) a level of output that is indeterminate from this information
Keynesians:
A. generally favor laissez-faire policies. B. believe that frictional unemployment does not exist. C. believe that all unemployment is cyclical unemployment. D. generally favor activist government policies.