The "story of agriculture" in the United States is one of
a. lesser output per acre and a greater number of farms
b. smaller farm size and greater output per acre
c. increase in technological adaptation on smaller farms
d. governmental intervention in determining all farm prices
e. technological advance, greater productivity for farms, and fewer farms
E
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Obstacles in achieving efficiency in a market include
A) public goods. B) the presence of an external cost or benefit. C) competition. D) Both answers A and C are correct. E) Both answers A and B are correct.
If the world price of a good is below the no-trade domestic price, a country
A) will benefit from exporting the good. B) will benefit from importing the good. C) cannot benefit from trade. D) has a comparative advantage in the production of that good. E) will not engage in trade for that good.
The above figure shows the demand and supply curves for housing in City B. What would be the effects of a rent ceiling equal to $1000 per month?
A) a surplus equal to 3000 apartments B) a surplus equal to 250 apartments C) a shortage equal to 3000 apartments D) nothing because the rent ceiling has no effect on the equilibrium price and quantity
The production possibilities curve shifts outward when
A) the law of increasing additional cost takes hold. B) the economy is producing efficiently. C) we produce more consumption goods over productive investment in equipment. D) there is an increase in resources or technology.