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:

Marginal Opportunity Cost

The loss of potential gain from other alternatives when one alternative is chosen, especially in the context of resource allocation.

Production Possibilities Schedule

A table that shows the different combinations of two goods that can be produced with fixed resources and technology.

Tanks

Armored combat vehicles with heavy firepower and strong defensive capabilities, primarily used by military forces in ground warfare.

Opportunity Cost

The cost of foregone alternatives, or what is given up in order to pursue a certain action or decision.