The Green Revolution has not resulted in
a. reduced food prices
b. increased yields
c. more irrigation
d. more agricultural research
e. The Green Revolution has resulted in all of the above.
E
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Rural families were larger in size, on average, than urban families during the antebellum period. Some argue that the relatively high rate of return on a child born on a farm partly explains why
Children born on farms could be considered investments goods—"goods" used to produce something else. Indicate whether the statement is true or false
Suppose the economy consists of two distinct groups: wage earners and goods sellers. If the price level increases by 30 percent and real wages increase by 30 percent,
a. there will be no redistribution of purchasing power between goods sellers and wage earners b. purchasing power will be redistributed from wage earners to goods sellers c. purchasing power will be redistributed from goods sellers to wage earners d. nominal wages will increase by 90 percent e. nominal wages will decrease by 60 percent
When a business firm makes an investment in physical capital, that investment is subject to _____.
a. state and local government incentives b. economic output and productivity c. political orientated incentives d. the discipline of the market
In 2017, destruction to U.S. gasoline refineries was caused by back-to-back storms along the U.S. Gulf Coast-Hurricane Harvey and Hurricane Irma In one week, the average price of a gallon of gasoline in the United States increased by about 20 cents. Which of the following best explains why these events pushed up the price of gasoline?
A. The supply curve for gasoline shifted to the right along the demand curve for gasoline. B. The demand curve for gasoline shifted to the right along the supply curve for gasoline. C. The supply curve for gasoline shifted to the left along the demand curve for gasoline. D. The demand curve for gasoline shifted to the left along the supply curve for gasoline.