Between 1945 and 1985, the number of farms declined and the average farm size increased, both of which suggest that
a. people were eating less food
b. price support programs were enriching farmers
c. farm incomes decreased
d. land prices decreased
e. large-scale farming was more efficient than small-scale farming
E
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The supply curve of low-skilled labor is upward sloping because those workers know that government will protect them with minimum wage legislation
Indicate whether the statement is true or false
"Every point on a budget line has an indifference curve passing through it." Explain whether the previous statement is correct or not
What will be an ideal response?
Scarcity has no importance to understanding economics
a. True b. False Indicate whether the statement is true or false
The income people receive for supplying such things as land, labor, or capital
a. standard of living b. privatize c. economic system d. self-interest e. factor payments