Section A Test Bank-Economic Principles Questions And Answers 100% Verified A+ Guaranteed

The __________ is King in the market place. a. Farmer b. Consumer c. Advertiser d. Processor {Ans: B. Consumer}One force that has helped cause U.S. farms to become larger and fewer is _________ . a. Competition from foreign producers b. Lower production costs per unit by spreading fixed investment in technology over more units c. More labor used in agricultural production d. Declining nonfarm wage rates {Ans: B. Lower production costs per unit by spreading fixed investment in technology over more units}If price rises and total revenue falls, __________ . a. Cross elasticity is negative b. Price elasticity of demand is less than 1 c. Income elasticity of demand is positive d. NONE of the above {Ans: D. NONE of the above}Which of the following terms describes this situation: Quantity taken will increase only if the price comes down? a. Margin b. Basis c. Supply d. Demand {Ans: D. Demand}If the government imposes a tax on suppliers, the equilibrium price of the product will __________ and the equilibrium quantity of the product will __________ . a. Increase; increase b. Decrease; increase c. Increase; decrease d. Decrease; decrease {Ans: C. Increase; decrease}Which of the following is