Which of the Following Statements About Agriculture in the U

question 618

Multiple Choice

Which of the following statements about agriculture in the U.S. is not correct?

• A)From the 1950s to today, agricultural output has increased about five times.
• B)Because technological improvements increase the supply of a product for which demand is inelastic, an individual farmer would be better off not adopting the new technology.
• C)Increasing the supply of agricultural products typically benefits consumers but harms farmers.
• D)Technological improvements typically increase supply and decrease revenue for farmers.

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Definitions:

Production Department

A specific section within a manufacturing business that is responsible for the transformation of raw materials into finished products.

Organizational Unit

A subdivision within a company or organization designated by a defined business function or responsibility.

Process Costing

A method of costing used where identical products are produced, allocating average costs for each unit.

Repetitive Production

A method of production where the same products are manufactured over and over again in a continuous flow.