Over time, technological change has:
A. reduced both the price elasticity and income elasticity of the demand for farm products.
B. reduced the minimum efficient scale of production in agriculture and increased the prices of
farm products.
C. increased both price elasticity and income elasticity of the demand for farm products.
D. increased the minimum efficient scale of production in agriculture and reduced the prices of
farm products.
Answer: D
You might also like to view...
Describe the shape of the typical production possibilities curve and explain why it has this shape.
What will be an ideal response?
A. by inclusive unions as an argument in bargaining for wage rate increases. B. to justify the application of minimum wages to low-wage labor markets. C. to explain the divergence between wage rates and marginal resource cost. D. to explain wage
rate differences based on differing nonmonetary aspects of jobs. A. union workers are better educated and more productive than nonunion workers. B. expenditures on education can be explained in essentially the same way as expenditures on machinery and equipment. C. worker productivity correlates negatively with annual earnings. D. the level of education is unrelated to the level of one's income.
The following are all functions of money except
A. unit of account. B. medium of exchange. C. source of anxiety. D. store of value.
Which of the following appears in M2 but not in M1?
A. Savings accounts. B. Credit union share drafts. C. NOW and ATS accounts. D. Traveler's checks.