Which of the following statements is true?
A. The average farm has gone from 500 acres in the 19th century to 100 acres today.
B. The Freedom to Farm Act of 1996 ended government payments to farmers.
C. Despite hundreds of billions of dollars on farm price-support payments since World War II, the family farm is vanishing.
D. About 20 million people live on farms today.
C. Despite hundreds of billions of dollars on farm price-support payments since World War II, the family farm is vanishing.
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The equilibrium effects of a temporary increase in government spending include
A) an increase in the real wage and an increase in the real interest rate. B) an increase in the real wage and a decrease in the real interest rate. C) a decrease in the real wage and an increase in the real interest rate. D) a decrease in the real wage and a decrease in the real interest rate.
An isoquant represents levels of capital and labor that
A) have constant marginal productivity. B) yield the same level of output. C) incur the same total cost. D) All of the above.
Suppose that the country of Xenophobia chose to isolate itself from the rest of the world. Its ruler proclaimed that Xenophobia should become self-sufficient, so it would not engage in foreign trade. From an economic perspective, this idea would
a. make sense if Xenophobia had an absolute advantage in all goods. b. make sense if Xenophobia had no absolute advantages in any good. c. not make sense as long as Xenophobia had a comparative advantage in some good. d. not make sense as long as Xenophobia had an absolute advantage in at least half the goods that could be traded.
In the multiple regression model 
,if x1 is correlated with u but the other independent variables are uncorrelated with u, then all of the OLS estimators are generally consistent.
Answer the following statement true (T) or false (F)