Answer the following statement true (T) or false (F)
1) U.S. exports of farm products have generally declined as a percentage of U.S. farm output
over the past half-century.
2) Increases in incomes usually result in more than proportionate increases in the demand for
agricultural products in a growing economy.
3) Agriculture is overcrowded because of absolute and relative increases in the size of farm
employment.
4) About 10 percent of the U.S. labor force is in agriculture.
1) F
2) F
3) F
4) F
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Banks create money when they
A. add to their reserves in the Federal Reserve Bank. B. accept deposits of cash. C. sell government bonds. D. exchange demand deposits for loans to businesses and individuals.
In recent decades, the union-nonunion hourly wage differential has
A) increased substantially. B) increased slightly. C) stayed the same. D) fallen significantly.
A monopoly exists because of
a. barriers to entry b. the large number of buyers and sellers c. the absence of barriers to entry d. collusion among the dominant firms e. the absence of exclusive government franchises
All factors of production usually experience:
A. diminishing total productivity. B. diminishing marginal productivity. C. decreasing average variable cost. D. decreasing average fixed costs.