Answered: CHOICES: a. Both statements are TRUE b.…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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CHOICES: a. Both statements are TRUE b. 1st statement is TRUE, 2nd is FALSE c. Both statements are FALSE d. 1st statement is FALSE, 2nd is TRUE STATEMENTS: 1. Economic growth increases rapidly if a large sector such as agriculture is left to delay behind the rest of the economy. 2. The primary sources of risk to farmers are price and weather.

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

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Meaning of Agriculture Economics:

Here, the term agriculture economics is all about allocating and optimizing the level of output or production in an efficient and effective way through farming which remains a key factor for any country to grow and expand.

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