One unintended consequence of the various attempts to restrict farm acreage was that
A) output generally decreased, price increased, and farmers earned higher incomes.
B) individual farmers intensified their efforts to harvest crops from the land still under cultivation.
C) farmers' incomes remained constant in real terms.
D) the land that was set aside became less productive.
B
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From the end of the Civil War to the start of World War I, the direction of U.S. trade
(a) stayed the same. (b) was dominated by trade with Europe. (c) grew and broadened to include other countries in Asia and the Americas. (d) dwindled.
In Figure 4.2, at quantities smaller than Q1:
A. total revenue is falling. B. price elasticity is greater than 1. C. price and total revenue are directly related. D. All of these
The circular flow diagram divides the economy into:
a. Producer sector and consumer sector. b. Real sector and nominal sector. c. Domestic sector and foreign sector. d. Operating sector and non-operating sector. e. Winners and losers.
When constructing the consumer price index, the Bureau of Labor Statistics does not do which of the following?
a. Try to include all the goods and services that the typical consumer buys. b. Try to weight the goods and services that the typical consumer buys according to how much consumers buy of each item. c. Survey consumers to determine what the typical consumer buys. d. Survey sellers to determine what the typical consumer buys.