The Commodity Credit Corporation
a. advises farmers what goods to produce
b. makes loans to farmers and accepts farm goods in repayment for the loan
c. provides credit to farmers who cannot otherwise get credit from commercial banks
d. buys farms goods directly from farmers and sells them to consumers
e. provides cash payments to farmers who put their acreage into soil banks
B
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The lag between the time that the need for fiscal action is recognized and the time action is actually taken is referred to as the
A. spending lag. B. implementation lag. C. legislative lag. D. recognition lag.
Velocity is V, the quantity of money is M, the price level is P, and real GDP is Y. Which of the following formulas is correct?
A) Y = (P × M) ÷ V B) Y = V × M C) Y = (P + M) - V D) V = (P + Y) × M E) V = (P × Y) ÷ M
Long-term strategies for LDCs to enhance their economic well-being have low opportunity costs
Indicate whether the statement is true or false
A profit-maximizing firm in a monopolistically competitive market is characterized by which of the following?
a. average revenue exceeds marginal revenue b. marginal revenue exceeds average revenue c. average revenue is equal to marginal revenue d. revenue is always maximized along with profit