Over the past twenty years, the number of small family farms has fallen significantly and in their place there are fewer, but larger, farms owned by corporations. Which of the following best explains this trend?
A) diminishing returns to labor in farming B) declining productivity
C) diseconomies of scale in farming D) economies of scale in farming
D
Economics
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By engaging in trade and acting in their own self interest, World War II POWs were following the economic principle of
A) division of labor. B) international trade. C) voluntary exchange. D) comparative advantage.
Economics
Mr. Jones, an elderly man living on his retirement, pulls $100,000 from certificates of deposit (CDs), which were returning an annual rate of return of 5%
He thinks the credit freeze is over and stock markets are headed up, but ends up losing 40% in his first year of investing. What was Mr. Jones's rate of economic profit? A) 5% B) 35% C) -35% D) -40% E) -45%
Economics