Agriculture is not that much profitable business. Usually, the government determines the minimum guaranteed price to motivate farmers for agriculture...
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Agricultureminimum guaranteed pricemotivategovernment floor price?

  1.  is not that much profitable business. Usually, the government determines the  to  farmers for agriculture production. Consider the following options. Which would be an example of a 

A. Higher-wage rates for skilled agricultural workers

B. Rent control in highly populated urban areas

C. Minimum Price Supports for agricultural products 

D. Upper limit on interest rates charged by credit card companies



2.The Circular Flow Model describes two types of flows: Real flows and Monetary flows.

A.False

B.True


3.A curve that shows the various combinations of two products a producer can produce with given resources and technology is known as


A. Marginal cost curve

B. Budget line

C. Production possibility curve                                                           

D. Marginal benefit curve


4.The employers are required by law to pay at least $14 per hour to an employee in Ontario. This wage rate can be considered as an example of



A.Price ceiling                                                                                       

B.Rent control

C.Price floor

D.Labour exploitation   



5.Harrison purchased BMW car last week from Mississauga. He paid $41200 to the seller of the car. This transaction is an example of money functioning as a


A.Medium of exchange                                        

B.Store of value                                                    

C.Unit of account

D.Barter system



6.Suppose that C = a + b(Y). (Where 'a' is the intercept, 'b' is the slope, Y means income and C means Consumption). What is the slope if a = 80, Y = 400 and C = 136?                                                                                   


A.1.4

B.56

C.0.14

D.36


7.Suppose that equilibrium rent is $1500 per month. The government determined the rent ceiling as $1200 per month. It will lead to


A.Surplus of houses

B.Very good maintenance of houses by the owners

C.Lower upfront payments

D.Shortage of houses


8.Suppose that the price of a shirt changed from $40 to $50 whereas the price of a pant changed from $100 to $120. In this scenario,


A.Both relative and absolute change in the price of a shirt and a pant are the same


B.Relative change in the price of a shirt is 10% but the relative change in the price of a pant is 25%


C.Relative change in the price of a shirt is 25% but the relative change in the price of a pant is 20%


D.Absolute change in the price of these two products is $20

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