Between 1870-1910, quantitative evidence shows very little, if any growth in bushels produced per acre for crops like corn and wheat. Which of the following statements correctly depicts the situation of farmers during this period?
a. Although output per acre was not growing, increased labor productivity allowed farmers to earn profits.
b. Farmers exited corn and wheat production due to lack of profits in these crops.
c. Because output per acre was not growing, farmers were forced to produce corn and wheat on farms of 60 acres or less.
d. Corn and wheat production became concentrated in the Great Lakes region, where small farms were common after the Civil War.
a. Although output per acre was not growing, increased labor productivity allowed farmers to earn profits.
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Explain how the market demand curve can be derived. Does the law of demand apply to the market demand curve?
What will be an ideal response?
Which of the following is a positive statement?
a. Driving speeds should be lowered so that fewer accidents will occur. b. When per capita income falls, fewer meals are consumed at restaurants. c. The minimum wage is too low; college students deserve a raise. d. Cigarette sales should be made illegal in order to reduce the incidence of cancer. e. Social Security is a good program for U.S. workers.
Which of the following will reduce the supply of motorcycles?
a. an increase in the population age 16 to 35, the primary consumers of motorcycles b. an increase in taxes imposed on motorcycle producers c. a technological improvement reducing the production costs of motorcycles d. a government study that reveals motorcycle riders, on average, live 10 years longer than those who don't ride motorcycles
Frank Knight's theory of profit focuses on ______ and Joseph Schumpeter's theory of profit focuses on _______.
A. risk bearing; innovation B. innovation; risk bearing C. risk bearing; risk bearing D. innovation; innovation