Legislation that provides a price support for dairy farmers is an example of
a. public-interest legislation
b. competing-interest legislation
c. a positive-sum game
d. special-interest legislation
e. concentrated-costs legislation
D
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According to classical economists, the government should increase government purchases when
A) the benefits of the spending exceed the costs. B) the economy is in a recession. C) the economy is likely to go into a recession in the next six months to a year. D) inflation is lower than its targeted level.
Both sugar and fructose can be used in the production of candy. If the price of sugar increases,
a. the demand for sugar increases b. sugar becomes relatively more expensive than fructose only if the price of fructose falls c. sugar becomes relatively more expensive than fructose, other things constant d. the price of fructose immediately increases e. the price of fructose immediately decreases
Economists agree that
a. neither high inflation nor moderate inflation is very costly. b. both high and moderate inflation are quite costly. c. high inflation is costly, but they disagree about the costs of moderate inflation. d. moderate inflation is as costly as high inflation.
Refer to Scenario 3.2 below to answer the question(s) that follow.SCENARIO 3.2: Lettuce and spinach are substitutes. Lettuce and tomatoes are complements. Lettuce is a normal good. During the winter, about 20% of the lettuce crop was destroyed by flooding.Refer to Scenario 3.2. The government wants to protect consumers from rising food prices. Therefore, price restrictions are imposed on lettuce growers prohibiting them from raising the price of lettuce. This will cause
A. an increase in the demand for lettuce. B. an excess demand for lettuce. C. an excess supply of lettuce. D. a decrease in the supply of lettuce.