The Size of the Average Farm in the United States

question 182

Multiple Choice

The size of the average farm in the United States has been growing steadily over the years. The accompanying data, obtained from the U.S. Department of Agriculture, gives the size of the average farm y (in acres) from 1940 through 1997. (Here, x = 0 corresponds to the beginning of the year 1940.) Find the equation of the least-squares line for these data. Use the equation found to estimate the size of the average farm in the year 1982.

• A) y = 6.76x + 148; 13,546 acres
• B) y = 7.75x + 148; 474 acres
• C) y = 6.76x + 148; 432 acres
• D) y = 5.71x + 176; 415.82 acres

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Definitions:

Cash

Money in the form of currency, which includes bills and coins, used as a medium of exchange.

Supplies

Items that are consumed during the operation of a business, such as office supplies, which are essential for day-to-day activities but not directly tied to the product being sold.

Accounts Payable

A liability account that records amounts a company owes to suppliers for goods or services purchased on credit.

Withdrawals

Amounts of money taken out from a business by its owner(s) for personal use, not considered business expenses.