In Agriculture Around the Year 2008 Farm Prices Reached Record
In agriculture around the year 2008 farm prices reached record _____ and Congress _____ subsidy payments to farmers.
A) lows; decreased
B) lows; increased
C) highs; increased
D) highs; decreased
Between 1930 and 1933, the prices received by farmers tended to:
A) fluctuate up and down about equally.
C) remain constant.
Farm products are normal goods, which means that as:
A) incomes go up, the demand curve shifts to the right.
B) incomes go up, the supply curve shifts to the right.
C) price falls, the quantity demanded decreases.
D) as incomes increase, people buy less.
Farm legislation has historically tried to increase farm income by:
A) guaranteeing a minimum price to farmers.
B) imposing limits on production.
C) insulating farmers from fluctuations in prices.
D) doing all of the above.