Congress passed the Freedom to Farm Act in 1996. What was the purpose of this Act?
A) to encourage more people to become farmers
B) to phase out the use of price ceilings in agricultural markets
C) to phase out price floors and return to a free market in agriculture
D) to grant free land to farmers in order to produce crops that were particularly scarce
C
Economics
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In the figure above, if pizza production increases to 15,000 pizzas a day, the deadweight loss is
A) $45,000 per day. B) $12,500 per day. C) $22,500 per day. D) $90,000 per day. E) zero.
Economics
A $25,000 price tag on a new car is an example of money as
A) a medium of exchange. B) a unit of account. C) a store of value. D) a time deposit.
Economics