Between 1910 and today, the number of farmers in the United States _____________ dramatically as a result of ___________________ in farming in the twentieth century
A) dropped; technological improvements
B) rose; technological improvements
C) dropped; technological declines
D) rose; technological declines
A
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Suppose the current price of copper is $3 per pound and the quantity supplied is 200 pounds per day
If the price of copper falls to $2.50 per pound, the quantity supplied drops to 180 pounds per day. Use the midpoint formula to calculate the price elasticity of supply for copper.
The local lemon market has the following supply and demand relationships:
QD = 100 - 5p - po + 2I QS = 4p where p is the price of lemons (per pound), Q is the quantity of lemons in pounds, I is the average consumer income, and po is the price per pound of oranges. Derive the equilibrium price and quantity of lemons as functions of the price of oranges and average consumer income. Use the calculus method of comparative statics to compute the effects of income and the price of oranges on the equilibrium price and quantity of lemons.
The most important of the Federal Reserve district banks is the:
A. Chicago bank. B. Boston bank. C. New York bank. D. San Francisco bank.
As output rises, the profit effect results from
A. Constant costs that do not rise when prices rise. B. Tight supplies of factors of production. C. The law of demand. D. Lower opportunity costs.