One of the Major Problems Facing Farmers in the 1920s

question 37

Multiple Choice

One of the major problems facing farmers in the 1920s was

• A) overproduction.
• B) the inability to purchase modern farm equipment.
• C) passage of the McNary-Haugen Bill.
• D) the prosecution of cooperatives under antitrust laws.
• E) drought and insects like the boll weevil.

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Definitions:

Neoclassical Economics

An approach in economics focusing on the determination of goods, outputs, and income distributions in markets through supply and demand.

Behavioral Economics

A branch of economics focused on understanding how a range of factors, including psychological, cognitive, emotional, cultural, and social elements, influence the economic decision-making processes of both individuals and institutions.

Hedonic Treadmill

A concept suggesting that people consistently return to a relatively stable level of happiness despite major positive or negative events or life changes.

Richard Easterlin

An economist known for the Easterlin Paradox, which posits that people's happiness does not necessarily increase as their country's economy grows.