(Use the graph of the wheat market in Economic Insight 9.1, on p. ...

[saraeharris]

(Use the graph of the wheat market in Economic Insight 9.1, on p. 162 of the text.) S1 shows the supply curve for wheat in the local market. S2 shows the supply curve for wheat in more distant markets in the early 1800s. S3 shows the supply curve for wheat in more distant markets in the mid-1800s. Given the information provided, we can conclude that
 a. the price that wheat producers received per bushel rose from P2F to P2C during the antebellum period.
  b. the price paid by wheat buyers in distant markets fell from P2C per bushel to P3C per bushel during the antebellum period.
  c. in the mid-1800s, wheat buyers in distant markets paid P3F per bushel and wheat producers received P3C per bushel.
  d. wheat producers received a price of P3C for wheat in the early 1800s.

Question 2

Which of the following was not a component of the National Recovery Act (NIRA)?
 a. Set minimum prices for goods.
  b. Set minimum wages.
  c. Set a minimum number of hours of work.
  d. Institute codes of fair practice for various industries.

[kkenney]

Answer to Question 1

b. the price paid by wheat buyers in distant markets fell from P2C per bushel to P3C per bushel during the antebellum period.

Answer to Question 2

c. Set a minimum number of hours of work.