Under the deficiency payments system, which was used to subsidize grain production?
a. the government purchased all surplus grain and destroys it.
b. deficiency payments were increased when farmers cultivated their land more intensively.
c. farmers were required to reduce cultivated acreage by 10 percent.
d. farmers had a greater incentive to engage in beneficial crop rotation.
d. farmers had a greater incentive to engage in beneficial crop rotation.
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An upward-sloping short-run aggregate-supply curve is represented by which of the following equations?
a) Quantity of output supplied = Natural level of output + a(Actual price level + Expected price level) b) Quantity of output supplied = Natural level of output - a(Actual price level - Expected price level) c) Quantity of output supplied = a(Natural level of output) + (Actual price level - Expected price level) d) Quantity of output supplied = Natural level of output + a(Actual price level - Expected price level)
Given the strict quantity theory of money, if the quantity of money were decreased by 50 percent, prices would
a. fall by 50 percent. b. rise by 50 percent. c. increase by 100 percent. d. decrease by 100 percent.