Economics Chapter 06

There is a limit to how many farm products people are willing to buy at one time.

Increased farm productivity has enabled today's farm workers to produce

Which of the following statements is true about farm productivity since 1929?

Economists refer to the advantages of expansion as the

Individual farmers have a tremendous ability to affect prices.

The economic theory that suggests that capitalism exists in a constant state of change is

A nation's standard of living improves when the output of goods/services

The quality of the workforce in terms of education and experience has continually

The costs of producing an item is called

Productivity increases have enabled today's factory workers to produce

Unlike most entrepreneurs, farmers do not strive to maximize profits.

The well-being of the American people stops growing when productivity

Profits represent the difference between revenue and costs.

The supply for farm products is

U.S. productivity has been increasing for which of the following reasons?

When workers have more capital to work with, labor productivity

It is common for a factory worker to have a hand in all stages of manufacture of a product.

Productivity measures the efficiency of a factor of production in terms of

The nation's output of goods/services increase and standard of living rises when

Which of the following makes more practicable the use of specialized machinery?

A nation's standard of living increases

Which of the following is not an advantage of division of labor?

Small businesses find it easier to borrow money than do large ones.

Diminishing returns set in when unit production costs

Since 1995, business investment as a share of GDP has

Which of these is a factor that may contribute to increased output for larger companies?

The breakdown of the total production process into a series of simpler tasks is known as

The access to capital funds makes it easier for large firms to expand their operations.

The principal reason for increasing a firm's output is to

The economic term that describes potential output is

Economists refer to the disadvantage of expansion as the

Entrepreneurs try to efficiently combine the factors of production in order to maximize profit.

Which of the following is a reason for the "miracle of American farm production/productivity?"

Bridges, roads, and airports are examples of

Why do large businesses have easier access to credit than do smaller ones?

Which of the following statements is not true about farmers?

Large firms can frequently obtain their raw materials at a lower cost than can small firms.

Output per unit of input is called

In economics, productivity measures

 To keep their biggest customers, suppliers may offer discounts for quantity purchases.

Profits are the lifeblood of private enterprise.

When adding factors of production causes the output per worker to decline, this is called the

Over the past century, U.S. productivity has been _____ at an average annual rate of 2%.

The demand for farm products is

Farm prices often follow a "boom or bust" pattern.

Since 1980, the average U.S. worker has been more educated/experienced than ever before.

In March 2000, the U.S. recorded the longest period of propsperity in peacetime history.

Small firms can more easily afford to purchase specialized machinery than can large firms.

The economic measure expressed as the output per worker per hour is

Problems arise whn successful firms devote their energies to defending their old operations.