From 1935 to 2017, the yield per acre for corn has ________ in the United States.
A. slightly declined
B. almost tripled
C. roughly doubled
D. increased more than 6-fold
Answer: D
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The short-run market supply curve in a perfectly competitive industry
a. shows the total quantity supplied by all firms at each possible price. b. is perfectly inelastic at the market price. c. is perfectly elastic at the market price. d. shows the variety of prices that different firms will charge for a given quantity.
The finite nature of the economy's resource base:
A. will be solved if only we would learn to conserve. B. is only a problem in developing countries. C. will be solved as technology advances. D. will always be with us.
A market demand schedule for a product indicates that
A. as a product's price rises, consumers buy more of the good. B. there is a positive relationship between price and quantity demanded. C. there is a negative relationship between price and quantity demanded. D. as the product's price falls, consumers buy less of the good.
According to the text, the average annual growth rate of real GDP during the 2000-2020 period was about ________ for advanced nations and about ________ for emerging and developing nations.
A. 1.5%; 3% B. 5%; 4% C. 7%; 2% D. 5%; 5%