Which of the following statements about agriculture in the U.S. is not correct?
a. From the 1950s to today, agricultural output has increased about five times.
b. Because technological improvements increase the supply of a product for which demand is inelastic, an individual farmer would be better off not adopting the new technology.
c. Increasing the supply of agricultural products typically benefits consumers but harms farmers.
d. Technological improvements typically increase supply and decrease revenue for farmers.
b
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The direct exchange of goods and services for other goods and services without the use of money is
A) barter. B) financial intermediaries. C) a store of value. D) a standard of deferred payment.
In the money market, how is the adjustment to equilibrium brought about in the short run and in the long run?
What will be an ideal response?
The change in the total revenue of a firm that results from employing one additional unit of a factor of production is defined as the
a. total revenue product of the resource. b. marginal product of the resource. c. marginal revenue product of the resource. d. average revenue product of the resource.
How does a perfect market influence output?
(A) Different firms each strive to make more goods and capture more of the market. (B) Different firms make different amounts of goods, but some make a profit and others do not. (C) Each firm makes its output as large as possible even though some goods are not sold. (D) Each firm adjusts its output so that its costs, including profit, are covered.