Exploring Economic Concepts: Big Government Cheese and Price Controls
This assignment explores the economic implications of government interventions in the market through the lens of the NPR podcast episode 'Big Government Cheese' and the broader concept of price controls. Listen to the podcast and answer the questions to deepen your understanding of these economic principles.
Group 1
Listen to the NPR podcast episode 'Big Government Cheese' and answer the following multiple-choice questions based on the content discussed in the episode.
Question 1a
What was the main reason the U.S. government started buying surplus cheese?
To support dairy farmers by stabilizing prices.
To provide free cheese to all citizens.
To export cheese to other countries.
To create a national cheese reserve.
Question 1b
How did the government store the surplus cheese?
In refrigerated warehouses.
In canals
In government office basements.
In public schools.
Question 1c
What was one of the unintended consequences of the cheese surplus?
Increased cheese consumption.
Cheese spoilage and waste.
Higher cheese prices.
Cheese thefts.
Question 1d
Which president famously distributed government cheese?
Ronald Reagan.
Jimmy Carter.
George H.W. Bush.
Bill Clinton.
Question 1e
What was the initial purpose of the government cheese program?
To help low-income families.
To stabilize the dairy market.
To promote cheese as a staple food.
To boost the economy.
Question 1f
How did the public perceive the government cheese?
As a luxury item.
As a symbol of government waste.
As a healthy food option.
As a necessary aid.
Question 1g
What impact did the cheese program have on dairy farmers?
It caused many to go out of business.
It provided temporary financial relief.
It led to increased milk production.
It had no significant impact.
Question 1h
What was one of the challenges faced in distributing the cheese?
Finding enough volunteers.
Ensuring it is below market price
Transporting it across states.
Packaging the cheese properly.
Question 1i
How did the cheese program eventually end?
The government sold all the cheese.
The dairy market stabilized.
Public protests led to its closure.
A new law banned government cheese.
Question 1j
What lesson can be learned from the government cheese program?
Government intervention always works.
Surplus management is complex.
Cheese is an essential food.
Price controls are unnecessary.
Group 2
Consider the economic concept of price controls and their impact on markets. Respond to the following prompt.
Question 2a
Why do government price controls create more problems than they fix?
Question 3
What unique place was used for government cheese storage?
amusement parks
RVs
caves
sports stadiums
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