Demand for U.S. farm products was high during World War I.
Answer the following statement true (T) or false (F)
True
The period 1910-1919 was particularly prosperous for farmers, largely because of the expanded foreign demand for U.S. farm products by countries engaged in World War I.
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Why is the budget line negatively sloped?
What will be an ideal response?
When an entrepreneur invests his own financial capital in order to start a business
A) the opportunity cost of capital should be included in the economic cost of doing business. B) the investment is treated as a fixed cost, so it should not be considered as a cost of doing business. C) the firm's economic profits will exceed its accounting profits. D) the accounting costs increase because the funds would otherwise have to be borrowed.
If a firm is earning zero economic profit, then:
A. the firm's revenues are sufficient to pay its explicit costs, but not its implicit costs. B. the owner will not be able to pay himself or herself a salary. C. the firm's accounting profit is equal to the firm's implicit costs. D. the firm will shut down in the long run, but will continue to operate in the short run.
As the firm in the diagram expands from plant size #1 to plant size #3, it experiences:
A. diminishing returns.
B. economies of scale.
C. diseconomies of scale.
D. constant costs.