Which of the following statements regarding the agricultural industry is correct?
A) Economies of scale and consolidation have significantly reduced the degree of competition in the industry.
B) Corporate farms now control more than 50 percent of the market for each of the major crops.
C) The largest 5 percent of growers of any particular product are characterized by a small number of interdependent producers.
D) Although farming has become increasingly concentrated over the last 70 years, it is still a highly competitive industry.
D
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A reduction in the supply of labor will cause
A. wages to increase and employment to increase. B. wages to increase and employment to decrease. C. wages to decrease and employment to increase. D. wages to decrease and employment to decrease.
As Rainclouds Inc moves downward along its production possibilities frontier, illustrated in the figure above, the opportunity cost of a raincoat ________
A) decreases B) depends on the initial quantity produced C) increases D) remains the same
Assume that the demand curve for MP3 players shifts to the right and the supply curve for MP3 players shift to the left, but the supply curve shifts more than the demand curve. As a result
A) the equilibrium price of MP3 players will decrease; the equilibrium quantity will increase. B) both the equilibrium price and quantity of MP3 players will decrease. C) the equilibrium price of MP3 players may increase or decrease; the equilibrium quantity will decrease. D) the equilibrium price of MP3 players will increase; the equilibrium quantity will decrease.
The most effective and frequently used tool the Fed has to increase or decrease the economy's money supply is
a. open market operations b. changes in the legal reserve requirement c. changes in the discount rate d. changes in the federal funds rate e. moral suasion