Founded in 1919, the Achieved One of Its Greatest Early

question 60

Multiple Choice

Founded in 1919, the achieved one of its greatest early successes when it helped to obtain government guarantees of "fair" prices during the Great Depression of the 1930s.

• A) American Farm Bureau Federation
• B) National Grange
• C) Consumers Union
• D) National Farmers Union
• E) Consumer Federation of America

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Definitions:

Central Planning

An economic system where the government makes all decisions on the production and allocation of goods and services.

Economic Profitability

The difference between total revenue and total costs, including both explicit and implicit costs, indicating the financial success and viability of a venture.

Resource Allocation

The process of assigning available resources in the most efficient way to meet the objectives of an organization or economy.

Resource Markets

Markets where resources (such as labor, capital, and raw materials) that are used to produce goods and services are bought and sold.