A program through which new ideas, methods, and advice are offered to farmers to increase farm yields is known as
(a) agricultural extension.
(b) agricultural mechanization.
(c) an agrarian system.
(d) land reform.
A
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The marginal rate of transformation of y for x represents
A) the slope of the budget constraint. B) the rate at which the consumer must give up y to get one more x. C) -Px/Py. D) All of the above.
Refer to Figure 12.1. What is the Nash equilibrium?
A. James chooses Up, Theodore chooses Left
B. James chooses Up, Theodore chooses Right
C. James chooses Down, Theodore chooses Left
D. James chooses Down, Theodore chooses Right
When there is a positive externality associated with the watering of one's lawn, the free market results in:
a. not enough lawn watering. b. too much lawn watering. c. the socially optimal level of lawn watering. d. people watering each other's lawns. e. government subsidies for lawn watering.
Which of the following represents a normative statement? a. A decrease in price leads to an increase in quantity demanded
b. The study of economics is more important than the study of history. c. People will buy less butter at $1.50 per pound then they will at $1.00 per pound. d. As an economy develops, the nation's birth rate tends to fall.