What was not one of the government's strategies to pull the nation out of the Great Depression?
a. Large subsidies for manufacturing companies.
b. Sizable increases in employment of emergency workers.
c. Development of the Federal Deposit Insurance Corporation (FDIC).
d. Institute price controls for farmers.
a. Large subsidies for manufacturing companies.
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If transactions costs are low, then assigning property rights in a market with external costs
i. increases the deadweight loss. ii. means private transactions are efficient. iii. means that only consumers must pay the external costs. A) i only B) ii only C) ii and iii D) i and iii E) i and ii
Assuming the firm in the graph is producing Q1 and charging P3, it is likely showing the cost and revenue curves of a firm in:
These are the cost and revenue curves associated with a firm.
A. the long run, and economic profits are zero.
B. the short run, and accounting profits are negative.
C. the long run, and accounting profits are zero.
D. the short run, and economic profits are positive.
The GDP deflator is a measure of the overall change in prices in an economy:
A. using the ratio of nominal to real GDP. B. based on goods and services valued at constant prices. C. based on price-changes determined when output is held constant. D. using the ratio of real to nominal GDP.
Suppose that the federal government imposes a price floor (support price) in the milk market at a price of $3 per gallon. If market quantity demanded at $3 is 1 billion gallons, and if market quantity supplied is 1.5 billion gallons, then which of the following is true?
a. There is a surplus of 1 billion gallons of milk, and the federal government will buy 1.5 billion gallons to maintain the $3 price. b. There is a shortage of 500 million gallons of milk, and the federal government will buy an additional 500 million gallons to maintain the $3 price. c. There is a shortage of 500 million gallons of milk, and the federal government will buy 1 billion gallons to maintain the $3 price. d. There is a surplus of 500 million gallons of milk, and the federal government will buy this 500 million gallons to maintain the $3 price.