The intended purpose of price floors is to ______.
a. help large farming corporations contribute more revenue to the local tax base
b. allow domestic farmers to trade competitively against foreign markets
c. create enough revenue for small-volume farmers to maintain a “decent” standard of living
d. encourage farmers to grow only those products which will maximize surplus for consumers
c. create enough revenue for small-volume farmers to maintain a “decent” standard of living
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Which of the following always lowers the equilibrium price?
A) an increase in both demand and supply B) a decrease in both demand and supply C) an increase in demand combined with a decrease in supply D) a decrease in demand combined with an increase in supply
Which of the following can be categorized under fiscal policy?
a. Increase in money supply b. Decrease in money supply c. Increase in federal funds rate d. Decrease in reserve requirement e. Increase in tax rates
Average variable cost is measured by
a. AFC + ATC b. TC – TFC c. AVC – ATC d. TVC/TC e. TVC/Q
Which of the following countries has the greatest percentage of people living in extreme poverty?
A. Congo. B. China. C. Bolivia. D. India.