The Farm Security Act of 1985

question 61

Multiple Choice

The Farm Security Act of 1985

• A) Gradually increased government support prices.
• B) Gradually decreased government support prices.
• C) Abruptly increased government support prices.
• D) Abruptly decreased government support prices.

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Definitions:

Productivity

A measure of the efficiency of production, often expressed as the ratio of outputs produced to inputs used.

Hourly Wage

The hourly wage an employee receives for their work.

Equilibrium Purchase Price

The price at which the quantity of goods demanded by consumers equals the quantity of goods supplied by producers.

Marginal Product

The boost in production resulting from one more unit of input, while keeping other inputs unchanged.