Exam 22: Agriculture: Economics and Policy

Because the demand for food is relatively price inelastic, what effects would you expect to see as a result of technological advances that reduce the cost of food production?

Refer to the diagram for the corn market. Assuming no externalities, a price support of B causes

A major criticism of the parity concept is that

As a nation's average household income rises, the percentage of household income that goes to food expenditures also increases.

Expanding per capita incomes in the United States have resulted in a(n)

Which of the following is correct?

The Agricultural Act of 2014

What points did the Agricultural Act of 2014 address?

As a result of the acreage allotment programs, we would expect

If the prices of agricultural products fall, then the quantities demanded usually

One reason for the year-to-year instability of agricultural product demand is the

The Food for Peace program

The Agricultural Act of 2014 expanded the direct payments, countercyclical payments, and marketing loans provided by the Food, Conservation, and Energy Act of 2008.

Based on World Bank data for 2015-2018, which of the following countries has the highest percentage of its labor force still in agriculture?

Acreage allotments, which limit the number of acres planted with a particular crop, have an effect on the crop's price that is

The problem faced by farms in the long run as portrayed in the diagram would involve price and quantity changes from

Fixed costs faced by farmers typically include the following, except

In 2015, Farmer Lactose's dairy farm lost money. Under the Agricultural Act of 2014 dairy margin protection program, which of the following events would have triggered payments to Farmer Lactose?

Overproduction of farm products in the European Community has been primarily the result of

What is a bumper crop? Explain how fluctuations in farm output lead to large changes in agricultural prices and income.