Which Is the Most Accurate Statement

question 232

Multiple Choice

Which is the most accurate statement?

• A)The number of family farms has been increasing since 1960.
• B)Nearly 20 million Americans live on farms today.
• C)The output of farm labor doubled between 1900 and 1947,and doubled again between 1947 and 1960.
• D)Today one farmer feeds about 20 people.

Understand the economic implications of ticket scalping.

Analyze how changes in demand and supply influence market outcomes.

Grasp the concept and implications of black markets in response to price controls.

Recognize the ethical considerations and economic implications of a market for human organs.

---

Definitions:

Resource Scarcity

The limited availability of natural resources, leading to constraints on production, consumption, and the ability to meet human needs and desires.

Opportunity Costs

The loss incurred by dismissing the subsequent preferable option in the course of decision-making or selecting one possibility over another.

Equilibrium

Equilibrium is a state in economics where market supply and demand balance each other, and as a result, prices become stable.

Specialize

To focus on a particular area of knowledge, activity, or service, developing expertise in that specific field.