Between 1870 and 1900, total land under cultivation
a. increased by roughly 25 percent
b. increased by roughly 50 percent.
c. more than doubled.
d. increased fourfold.
c. more than doubled.
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Consider the budget line in the above figure. If the consumer's income is $120, then the price of a movie is
A) $24 per movie. B) $12 per movie. C) $5 per movie. D) More information is needed to determine the price of a movie.
If the insurance company offers the insurance for $1,500, then the theory of adverse selection predicts that
Suppose that Dirk and Rollergirl are both considering purchasing insurance. Dirk's "expected loss" is equal to $1,600. Rollergirl's expected loss is equal to $1,200. Also, both Dirk and Rollergirl are "risk averse," and so each of them is willing to buy insurance for an amount that's up to $200 in excess of his/her expected loss. A. both of them will agree to purchase the insurance. B. dirk will purchase the insurance, but Rollergirl will decide that it's too expensive. C. neither one of them will agree to purchase the insurance. D. both of them will agree to purchase the insurance, but the insurance company will still lose money regardless.