The Average Value Added Per U

question 43

Multiple Choice

The average value added per U.S.farm worker is about __________ times that of farm workers in low- and middle-income countries.

• A)one half
• B)one
• C)ten
• D)seventy-five
• E)five hundred

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Definitions:

Supply Curve

A pictorial display indicating how the price of an item affects the quantity of the item sellers are eager to sell.

Cost of Production

The total expenses incurred in the manufacture of a product, including raw materials, labor, and overhead costs.

Quantity Demanded

Quantity demanded refers to the total amount of a good or service consumers are willing to purchase at a specific price point, at a given time.

Quantity Supplied

The total amount of a commodity that producers are willing and able to sell at a given price level, during a specific time period.