What would best characterize the relationship between corn prices, wheat prices and the public sale of western land (OH, IL, IN, MI, IA, WI, MO) between 1815-1860?
a. All three were very positively correlated.
b. Land sales increased first, which drew people to move and produce more crops, which increased the crop prices.
c. As land sales increased, corn prices increased and wheat prices decreased as farmers substituted from wheat to corn.
d. Land sales were negatively related to both the wheat and corn prices.
a. All three were very positively correlated.
You might also like to view...
Which of the following statements is true?
A) Network effects arise because of economies of scale. B) Economies of scale arise because of network effects. C) Economies of scale act as barriers to entry into a market. D) Network effects provide incentives to new sellers to enter the market.
Which of the following statements is not true?
A. Ozone remains a pervasive problem in the United States. B. The United States suffers the worst air quality during winter months. C. Since the 1980s, there has been a downward trend in ambient concentrations of sulfur dioxide, carbon monoxide, and lead in the United States. D. Improperly dumped toxic substances can cause cancer and threaten overall health.
Agriculture is a sector of the economy where increased productivity has been accompanied by a significant decrease in employment.
Answer the following statement true (T) or false (F)
If the price of beef rose and the demand for chicken increased, then beef and chicken are:
a. Substitute goods b. Consumer goods c. Inferior goods d. Complementary goods