Agriculture's share of total output in the U.S. has declined throughout the 20th century, although the absolute value of farm output has increased. The number of U.S. farms grew in the early part of the century, then began to steadily fall. The number of U.S. farms peaked in which of the following decades?
a. 1910–1919
b. 1970–1979
c. 1930–1939
d. 1950–1959
e. 1980–1999
C
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The above figure shows a graph of the market for pizzas in a large town. No pizzas will be supplied unless the price is above
A) $0. B) $5. C) $12. D) $14.
If the firm in the diagram lowers price from P 1 to P 2 , it will:
A. lose P 1 P 2 ba in revenue from the price cut but increase revenue by Q 1 bcQ 2 from the
increase in sales.
B. lose P 1 P 2 ca in revenue from the price cut but increase revenue by Q 1 acQ 2 from the
increase in sales.
C. incur a decline in total revenue because it is operating on the elastic segment of the
demand curve.
D. incur an increase in total revenue because it is operating on the inelastic segment of the
demand curve.
It is efficient to produce an additional shirt if the
A) marginal social benefit of producing the shirt is greater than zero. B) marginal social benefit of producing the shirt is zero. C) marginal social benefit of producing the shirt is greater than the marginal social cost of producing it. D) total social benefit from producing shirts is maximized.
Which of the following will most likely cause a decrease the natural rate of unemployment?
a. an increase in the minimum wage b. an increase in unemployment benefits c. an increase in experienced workers aged 25 and over as proportion of the labor force d. an increase in the labor force participation rate of teenagers