Question 1

Which of the diagrams best describes the long-run path of real (inflation-adjusted)farm prices?

Accepted Answer

A) A 
B) B 
C) C 
D) D 
A) A 
B) B 
C) C 
D) D

Question 2

The average income of U.S. farm households in 2017 was

Accepted Answer

A) less than the average income for all households. 
B) about equal to the average income for all households. 
C) about 27 percent higher than the average income of all households. 
D) about 77 percent higher than the average income of all households. 
A) less than the average income for all households. 
B) about equal to the average income for all households. 
C) about 27 percent higher than the average income of all households. 
D) about 77 percent higher than the average income of all households.

Question 3

Which of the following countries has the smallest percentage of its labor force employed in agriculture?

Accepted Answer

A) Madagascar 
B) France 
C) Brazil 
D) United States 
A) Madagascar 
B) France 
C) Brazil 
D) United States

Question 4

The purpose of the Freedom to Farm Act of 1996 was to

Accepted Answer

A) immediately end U.S. farm subsidies. 
B) end 60 years of U.S. price supports for American grain crops. 
C) eliminate U.S. tariffs and quotas on imported farm goods. 
D) stabilize short-run crop prices. 
A) immediately end U.S. farm subsidies. 
B) end 60 years of U.S. price supports for American grain crops. 
C) eliminate U.S. tariffs and quotas on imported farm goods. 
D) stabilize short-run crop prices.

Question 5

Refer to the diagram. If farmers produce a bumper crop of Qᵦ , their gross income

Accepted Answer

A) will be 0 Pₚ PBQᵦ . 
B) will be 0 Pᵦ BQᵦ . 
C) will be Pᵦ × Qₙ . 
D) cannot be determined. 
A) will be 0 Pₚ PBQᵦ . 
B) will be 0 Pᵦ BQᵦ . 
C) will be Pᵦ × Qₙ . 
D) cannot be determined.

Which of the diagrams best describes the long-run path of real (inflation-adjusted)farm prices?

The average income of U.S. farm households in 2017 was

Which of the following countries has the smallest percentage of its labor force employed in agriculture?

The purpose of the Freedom to Farm Act of 1996 was to

Refer to the diagram. If farmers produce a bumper crop of Qᵦ , their gross income

Limits, Alternatives, and Choices

The Market System and the Circular Flow

Demand, Supply, and Market Equilibrium

Market Failures Caused by Externalities Asymmetric Information

Public Goods, Public Choice, and Government Failure

Elasticity

Utility Maximization

Behavioral Economics

Businesses and the Costs of Production

Pure Competition in the Short Run

Pure Competition in the Long Run

Pure Monopoly

Monopolistic Competition

Oligopoly and Strategic Behavior

Technology, RD, and Efficiency

The Demand for Resources

Wage Determination

Rent, Interest, and Profit

Natural Resource and Energy Economics

Public Finance: Expenditures and Taxes

Antitrust Policy and Regulation

Income Inequality, Poverty, and Discrimination

Health Care

Immigration

International Trade

The Balance of Payments, Exchange Rates, and Trade Deficits

The Economics of Developing Countries

Filters

Exam 22: Agriculture: Economics and Policy

Which of the diagrams best describes the long-run path of real (inflation-adjusted)farm prices?

The average income of U.S. farm households in 2017 was

Which of the following countries has the smallest percentage of its labor force employed in agriculture?

The purpose of the Freedom to Farm Act of 1996 was to

Refer to the diagram. If farmers produce a bumper crop of Qᵦ , their gross income

Limits, Alternatives, and Choices

The Market System and the Circular Flow

Demand, Supply, and Market Equilibrium

Market Failures Caused by Externalities Asymmetric Information

Public Goods, Public Choice, and Government Failure

Elasticity

Utility Maximization

Behavioral Economics

Businesses and the Costs of Production

Pure Competition in the Short Run

Pure Competition in the Long Run

Pure Monopoly

Monopolistic Competition

Oligopoly and Strategic Behavior

Technology, RD, and Efficiency

The Demand for Resources

Wage Determination

Rent, Interest, and Profit

Natural Resource and Energy Economics

Public Finance: Expenditures and Taxes

Antitrust Policy and Regulation

Income Inequality, Poverty, and Discrimination

Health Care

Immigration

International Trade

The Balance of Payments, Exchange Rates, and Trade Deficits

The Economics of Developing Countries

Filters