Which of the Following Statements About U

question 215

Multiple Choice

Which of the following statements about U.S. agriculture is true as it relates to the past several decades?

• A) The demand for farm products has declined, the supply of farm products has increased, and the price of farm products has declined.
• B) The demand for farm products has become both more income elastic and more price elastic.
• C) Minimum efficient scale has increased, the prices of farm products have declined, and the number of farms has declined.
• D) The prices of farm products have increased, minimum efficient scale has declined, and the supply of farm products has been stagnant.

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Definitions:

Descriptive Statistics

Statistical procedures that organize and summarize research data.

Statistically Meaningful

Refers to results or data that are significant enough from a statistical standpoint to indicate a non-random pattern or effect.

Inferences

The process of drawing logical conclusions from premises known or assumed to be true.

Meta-Analysis

A statistical technique that combines the results of multiple scientific studies to arrive at a conclusion about an overall body of research.