Congress passed the Freedom to Farm Act in 1996. What was the purpose of this act?
A) to encourage more people to become farmers
B) to grant free land to farmers in order to produce crops that were particularly scarce
C) to phase out the use of price ceilings in agricultural markets
D) to phase out price floors and return to a free market in agriculture
Answer: D
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Which of the following is true of the 2008 Troubled Asset Relief Program?
A) It was a contractionary fiscal policy. B) It was a contractionary monetary policy. C) It was a mix of monetary and fiscal policies. D) It mainly aimed at reducing inflation.
A winter ice storm has paralyzed the entire east coast, reducing productivity sharply. This supply shock shifts the marginal product of labor curve
A) up and to the right, raising the quantity of labor demanded at any given real wage. B) down and to the left, reducing the quantity of labor demanded at any given real wage. C) up and to the right, reducing the quantity of labor demanded at any given real wage. D) down and to the left, raising the quantity of labor demanded at any given real wage.
An initial allocation of goods is called a(n)
A) endowment. B) inheritance. C) pareto set. D) general-equilibrium goods set.
When investors invest in something simply because everyone else is doing it, they are:
A. suspect to "tulip mania." B. following a "herd instinct." C. acting objectively on full information available in the market. D. leveraging market performance for their own gain.