Over the Past Twenty Years, the Number of Small Family

question 37

Multiple Choice

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) diseconomies of scale in farming
• B) economies of scale in farming
• C) diminishing returns to labour in farming
• D) declining productivity

Grasp the significance of human capital in economic growth and productivity.

Understand the implications of investment and saving rates on a country's economic performance.

Analyze the impact of natural resources on economic development over time.

Familiarize with concepts related to economic catch-up, including the catch-up effect and its limitations.

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Definitions:

Storage

The retention of encoded information over time in memory.

Encoding

The act of transforming data so it can be retained in memory storage.

Chunking

A method of grouping information into larger units, making it easier to remember or process.

Retrieval

The process of recalling or accessing information stored in memory.