In 1780, approximately 80 to 90 percent of the population in the north were small independent farmers. Today, 2 percent of the population works on farms and even fewer are small farmers. Why were the independent small farmers of 1780 driven out of existence? a. Because technological developments favored large farms. b. They were forced out of business by government price floors. c. Because they defaulted on loans and lost their farms to the banks. d. All of the above are correct. e. Both a and b are correct. f. Both a and c are correct. g. Both b and c are correct. h. None of the above.
In 1780, approximately 80 to 90 percent of the population in the north were small independent farmers. Today, 2 percent of the population works on farms and even fewer are small farmers. Why were the independent small farmers of 1780 driven out of existence? a. Because technological developments favored large farms. b. They were forced out of business by government price floors. c. Because they defaulted on loans and lost their farms to the banks. d. All of the above are correct. e. Both a and b are correct. f. Both a and c are correct. g. Both b and c are correct. h. None of the above.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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- In 1780, approximately 80 to 90 percent of the population in the north were small independent farmers. Today, 2 percent of the population works on farms and even fewer are small farmers. Why were the independent small farmers of 1780 driven out of existence?
a. Because technological developments favored large farms.
b. They were forced out of business by government price floors.
c. Because they defaulted on loans and lost their farms to the banks.
d. All of the above are correct.
e. Both a and b are correct.
f. Both a and c are correct.
g. Both b and c are correct.
h. None of the above.
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