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Linda_us
Linda_us, Finance, Accounts & Homework Tutor
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16.) Which of the following would, other things equal, increase

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

A. bumper crops abroad

B. depreciation of the U.S. dollar

C. deteriorating trade relations with China and Russia

D. increases in foreign tariffs on imported farm products

4/100

17.) A bumper crop of farm products causes:

A. only a slight decline in the price of farm products because the demand for farm products is income inelastic.

B. a large decline in the price of farm products because the demand for farm products is price inelastic.

C. only a slight decline in the price of farm products because the demand for farm products is income elastic.

D. a large decline in the price of farm products because the demand for farm products is price elastic.

4/100

18.) Over time, technological change has:

A. reduced both the price elasticity and income elasticity of the demand for farm products.

B. reduced the minimum efficient scale of production in agriculture and increased the prices of farm products.

C. increased both price elasticity and income elasticity of the demand for farm products.

D. increased the minimum efficient scale of production in agriculture and reduced the prices of farm products.

4/100

19.) Productivity increases in agriculture have:

A. increased the demand for foodstuffs.

B. been negligible since the Second World War.

C. increased the incomes of farm households above the national average.

D. lowered farm prices.

4/100

20.) One consequence of the long-run problem faced by farms has been a:

A. rapid increase in the price of farm output.

B. massive exit of workers from agriculture to other sectors of the economy.

C. smaller average farm size.

D. reduction in U.S. exports of farm products.

4/100

21.) Which of the following is correct?

A. The rapid expansion of foreign incomes will reduce U.S. agricultural exports.

B. A decrease in the international value of the dollar will reduce U.S. agricultural exports.

C. An increase in the international value of the dollar will reduce U.S. agricultural exports.

D. Changes in the international value of the dollar have no effect on U.S. agricultural exports.

4/100

22.) Currently farm employment is about:

A. 15.8 percent of total employment.

B. 9.4 percent of total employment.

C. 1.3 percent of total employment.

D. 5.0 percent of total employment.

4/100

23.) Which of the following statements is correct?

A. Price supports may induce either an underallocation or an overallocation of resources to farm products.

B. Supported prices have no effect on the allocation of resources to farm products.

C. Supported prices induce an underallocation of resources to farm products.

D. Price supports induce an overallocation of resources to farm products.

4/100

24.) Domestic price supports on, say, sugar:

A. generate trade barriers to reduce imports of foreign sugar.

B. increase world sugar prices.

C. keep the domestic price of sugar artificially low.

D. increase the earnings of foreign sugar producers.

4/100

25.) Price supports:

A. decrease pollution because participants must practice organic farming.

B. neither increase nor decrease environmental pollution.

C. increase pollution because supports encourage the cultivation of marginal land and the use of more pesticides and fertilizers.

D. discourage rent-seeking activity.
Hi

Welcome and Thanks for asking your question. I am working on it and will post the solution soon.

Regards

Linda
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