The 1996 Farm Act actually increased the level of government assistance to farmers.
Answer the following statement true (T) or false (F)
False
In 1996 Congress moved farmers considerably further toward deregulation with two radical changes in farm policy. The first change was the phase-out of deficiency payments, and the second eliminated many restrictions on acreage set-asides. Both changes were intended to focus on stabilizing farm incomes rather than farm prices.
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Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
To encourage economic development a country should do all of the following EXCEPT
A) establish a system of property rights. B) allow creative destruction to run its course. C) limit the amount of imports allowed into the country. D) invest in human capital.
Brand name aspirin is chemically identical to store brand aspirin. Yet, consumers often prefer the brand name product to the store brand product. This preference is an example of
A) product differentiation. B) perfect product competition. C) oligopolistic product competition. D) price taking behavior.
When there are too few or too many resources going to an economic activity
A) a public good exists. B) a market failure exists. C) consumer sovereignty exists. D) a free-rider problem exists.