Lack of economic success in many African countries can be attributed to
a. excessive money supply growth
b. too-rapid market liberalization
c. weak social institutions
d. too much state control over agricultural production
e. all of the above
C
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Farmers can choose to produce eggs or milk. If there is an increase in the price of milk then what will be the effect in the egg market?
a. The quantity of eggs demanded will increase. b. Egg demand will decrease. c. Egg supply will increase. d. Egg supply will decrease.
If the government establishes a price floor, it must also be prepared to
a. sell any additional goods created by the price floor b. create ration coupons to allocate the goods among consumers c. enter the market as an additional demander of the good d. handle the resulting excess demand e. create incentives for producers to remain in the market