Exam 22: Agriculture: Economics and Policy

In 2017, farm employment constituted about

The growing importance of export demand for American agriculture has

Over time, technological change has

Import quotas on sugar may cost consumers $2 billion per year. But this quota goes unchallenged because the $10 average annual cost per person is so small that probably not one voter in 200 knows the quota exists. This statement describes

The parity ratio initially stood at 0.5. Then after several years, the prices received by farmers doubled while the prices they paid tripled. This will bring the parity ratio to

Which statement is correct?

As applied to agriculture, the special-interest effect suggests that

An extraordinarily small crop of farm products due to drought causes

Which of the following has been an effect of the U.S. government's ethanol program?

A major feature of the "Freedom to Farm" Act of 1996 was the

A decrease in the quantity of soybeans produced could result from

The increasing relative importance of agricultural exports has increased the instability of the demand for U.S. farm products.

Farm groups spend considerable amounts of money to maintain and enlarge political support for farm subsidies. This illustrates

Historically, many aspects of U.S. farm policies had their origins in the

A major criticism of agricultural subsidies is that

The inelastic demand for agricultural products means that relatively a small increase in supply will result in a relatively

The U.S. Agriculture Act of 2014 did the following, except

Refer to the diagram for the corn market. As a consequence of a price support of B, consumers will

The price parity concept, which is a cornerstone of U.S. agricultural policy, was established by the

Increases in incomes usually result in more than proportionate increases in the demand for agricultural products in a growing economy.