The ambitious plan to wean American agriculture from subsidies, as embodied in the Freedom to Farm Act of 1996:
A. Became fully realized by 2000
B. Unraveled in 1998 and 1999 when farm prices fell
C. Was not approved by the President
D. Was extended in 2002
B. Unraveled in 1998 and 1999 when farm prices fell
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Expansionary fiscal policy falls short of its goal. Some economists claim it is due to indirect crowding out. What evidence would be consistent with this claim?
A) The interest rate increased. B) The price level decreased. C) Saving decreased. D) An increase in consumer spending occurred.
What factor, more than anything else, tends to make people wealthy?
A) Time B) Money C) Productive knowledge D) Control over non-renewable resources E) The ability to day-trade internet-related stocks
In perfect competition, _____
a. economic profits are eliminated by entry in the long run b. economic profits are eliminated by exit in the long run c. price is greater than marginal cost at the profit-maximizing equilibrium d. the marginal cost curve is perfectly elastic in the long run
Central banks that have a hierarchical mandate with inflation targeting basically are saying:
A. hitting the inflation target comes first, everything else comes second. B. the inflation target is the second most important goal after economic growth, which is always the most important goal for monetary policymakers. C. hitting the inflation target is the only objective. D. hitting the inflation target is the first priority after all other stated objectives are reached.