Exam 22: Agriculture: Economics and Policy

Farmers, though a small proportion of the population, can impose a large total cost to taxpayers in the form of agricultural subsidies because the average cost imposed on each individual taxpayer is small and not given much attention by a large number of taxpayers.

If turnips are an example of an inferior good, then a decrease in the demand for turnips could be brought about by a(n)

Which of the following illustrates the basic idea of "parity" as a cornerstone of U.S. agricultural policy?

Since 1950, farm productivity has

What have been three major criticisms of agricultural policies over the past half century?

Domestic price supports on, say, sugar

Refer to the table. If government adopts a price support program that sets the price at $9, then the total amount that government will pay to farmers of this product is

Which of the following statements is correct?

Which of the following has been a consequence of the Conservation Reserve Program?

Farm policy in the U.S. has been heavily criticized for the following, except

The Agricultural Act of 2014 created two new crop insurance programs, agricultural risk coverage and price loss coverage.

Refer to the table. If government adopts a price support program that sets the price at $9, then the total amount that private buyers would pay for this agricultural product is

What is the parity concept? Write the equation for the parity ratio.

The short-run instability in the prices of agricultural products arises from the following factors, except

Which of the following would, other things equal, increase the demand for U.S. farm products?

The price of a certain farm product was $1.25 in the base period when the parity ratio was 100. If the index of prices paid by farmers is now at 140, then the parity price of this farm product today should be

The major factor contributing to lower prices for many farm products in 1998 and 1999 was

The Agricultural Act of 2014 does not address the fundamental problem of agricultural subsidies, which is that those subsidies

Since the 1930s, the U.S. government has subsidized agriculture with a "farm program" that includes the following, except

Farm price support programs tend to