Government intervention in agricultural markets in the U.S. began
A) during World War II to ensure that enough food was available for domestic consumption.
B) after World War I in order to assist farmers to adjust from a war-time economy to a peace-time economy.
C) during the Great Depression.
D) during the Korean War.
Answer: C
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An implicit cost is defined as:
A) the opportunity cost of using a resource that is not explicitly paid out by the firm. B) the difference between an input's explicit cost and its actual cost. C) the amount by which economic profit exceeds accounting profit. D) the amount by which the money spent on an input to production exceeds its opportunity cost.
People make mistakes in allocating their time
a. because they always act irrationally b. despite always having expectations fulfilled c. only when leisure is a normal good d. because acquiring information is costly e. more often when the cost of making a mistake is high