Congress passed the ________ in 1996, the purpose of which was to phase out price floors and return to a free market in agriculture
A) Rice and Beans Act
B) Smoot-Hawley Act
C) Agribusiness Act
D) Freedom to Farm Act
Answer: D
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In February 2002, the euro/dollar exchange rate was 1.20, and in May 2002, the euro/dollar exchange rate was 1.10. What happened to the exchange rate during this period?
A) Euro appreciated against the dollar. B) Euro depreciated against the dollar. C) Dollar appreciated against the euro. D) Both B and C.
"Late registration will result in an additional $30 fee." This is an example of:
A. trade-off. B. a disincentive. C. marginal cost. D. group responsibility.
A purely competitive firm's output is currently such that its marginal cost is $4 and marginal revenue is $5. Assuming profit maximization, the firm should:
A. raise its price and cut output. B. leave price unchanged and cut output. C. cut its price and raise its output. D. leave price unchanged and raise output.
Explain the concepts of consumer surplus, producer surplus, and cooperative surplus
What will be an ideal response?