In a congressional debate about agricultural price supports, senators, members of congress, and other experts made the following four statements. Which of these is a normative statement?
a. "Price supports are important because America should preserve the small family farm."
b. "Without price supports, the price of wheat and corn will fall by over twenty percent."
c. "The decline in commodity prices caused by the removal of price supports will result in fewer, larger farms."
d. "The decline in commodity prices caused by the removal of price supports will reduce the number of tractors sold in the United States."
a
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Use the figure below to answer the following question.
Refer to the three demand curves. An "increase in quantity demanded" caused by a change in price would be illustrated by a change from
A. point 2 to point 5. B. point 4 to point 6. C. point 4 to point 1. D. point 5 to point 1.
Economic analysis indicates that high tax rates will
What will be an ideal response?
The reduction in the market output resulting from the imposition of a price floor depends on both the price elasticity of demand and the price elasticity of supply.
Answer the following statement true (T) or false (F)
In a(n) ________ market, dealers in different locations buy and sell securities to anyone who comes to them and is willing to accept their prices
A) exchange B) over-the-counter C) common D) barter