In early 1996, Congress passed the "Freedom to Farm Bill.". Following the bill's enactment,
a. farmers found that competition from international agriculture declined.
b. farm prices rose steadily for the next 4 years.
c. agriculture was completely deregulated, and farmers began to operate without any government subsidies or assistance.
d. farm prices fell, leading Congress to authorize emergency payments to farmers in 1998 and 1999.
d. farm prices fell, leading Congress to authorize emergency payments to farmers in 1998 and 1999.
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How does a quota affect the consumer surplus and the producer surplus from the imported good? Is the overall economy helped or harmed by quotas? Briefly explain your answers
What will be an ideal response?
A perfectly competitive firm has a total revenue curve that is
A) upward sloping with an increasing slope. B) downward sloping with a constant slope. C) upward sloping with a decreasing slope. D) upward sloping with a constant slope.
Refer to Table 1-3. What is Ivan's marginal benefit if he decides to stay open for six hours instead of five hours?
A) $10 B) $20 C) $30 D) $91.67
A TV actor used to be a teacher. Aside from the salary, he likes both jobs equally well. If he can earn $50,000 as a teacher and $300,000 as an actor, what are his economic rent and opportunity costs as an actor?
a. Economic rent is $250,000 . opportunity costs are $50,000. b. Economic rent is $50,000 . opportunity costs are $250,000. c. Economic rent is $50,000 . opportunity costs are $300,000. d. Economic rent is $300,000 . opportunity costs are $50,000. e. Economic rent is $300,000 . opportunity costs are $350,000.