Technological advances typically have the following consequences:
a. Higher profits for all farmers who adopt.
b. Higher prices for farmers.
c. Excess production capacity.
d. Reduces the need for farm programs.
e. a and d above.
Question 2
The fallacy of composition indicates:
a. The population is better off if people pursue their individual goals.
b. Policy needs to be analyzed from the perspective of the individual.
c. Policy needs to be analyzed from the perspective of the market.
d. Policy needs to be analyzed from the perspective of the economy.
e. The combination of b, c, and d above.
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