From 1950 to 2015 the number of people who lived on farms fell from 23 million to fewer than 3 million? Which of the following factors have contributed to this trend?
A) government policies that have increased the cost of living and working on farms
B) increases in the cost of farming and a desire for young adults to move to urban areas
C) rapid growth in farm production and low income and price elasticities for food products
D) slow growth in agricultural productivity and low income elasticities for food products
C
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From 2002 to 2003, personal income rose by $352 billion. If the MPC = 0.9, then personal consumption expenditures rose by
a. $31.68 billion b. $35.2 billion c. $3.52 billion d. $387.2 billion e. $316.8 billion
Which of the following people would be considered unemployed by the Bureau of Labor Statistics? I. Mrs. X works 20 hours a week but wishes to work 40 hours a week. II. Mr. Y was laid off from his job as a welder, but expects to be rehired in 8 months.
A. I only B. II only C. Both I and II D. Neither I nor II