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25The equality-efficiency tradeoff suggests that:

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25The equality-efficiency tradeoff suggests that:

    A) Welfare programs stimulate incentives to work.


   B) inefficiencies result when income is transferred from rich to poor.


    C)  noncash transfers are superior to cash transfers.


  D) economic growth is the best means of reducing poverty.

26Which of the following groups has the highest poverty rate?

   A) age 65 or over  


B) foreign-born (non citizens)  


C) Hispanics  


 D) female-headed households

271.Which of the following measurement issues make interpretation of U.S. poverty rates difficult?

   A) Poverty statistics measure income rather than consumption, and some families may be able to consume above the official poverty line

 B) The high cost of living in rural areas tends to result in the understatement of poverty.

C)  Most people before the poverty line have substantial unreported income.


  D) The poverty rate is adjusted for every urban and rural area, so people’s poverty status changes whenever they move.

The TANF program:

 A)  is referred to as a negative income tax plan.


 B)  have been found to be unconstitutional by the Supreme Court.


C) limited total lifetime welfare benefits to 5 years and required people to work after receiving benefits for 2 years.


 D) perpetuate the so-called culture of poverty.

29The U.S. income maintenance program consists of two kinds of programs.  They are:

 A)  the minimum wage law and Social Security.


 B)  antidiscrimination law and education and training programs.


 C) social insurance and public assistance or welfare.


D)  progressive income taxes and transfer payments.

30 Which of the following statements best describes the demand for agricultural commodities?

    A) It takes a small decline in price to induce a large increase in the amount of agricultural products demanded.


B)  The marginal utility of additional units of agricultural output diminishes very rapidly.


C) Small increases in income cause demand to increase by a proportionately larger amount.


D) When price declines, the resulting substitution effect is very large.
The price elasticity coefficient of the demand for agricultural products is .2 to .25.  This means that the demand for agricultural products is:

   A) price elastic.  

 B) income elastic.  

 C)  income inelastic.  

  D)  price inelastic.

32 “Farm products” are generally produced in more ___________ markets, while “food products” tend to be sold in markets that are more ____________.:

 A) monopolistic; competitive                      
  B) competitive; oligopolistic
 C)  oligopolistic; competitive

D)  oligopolistic; monopolistic

1.Which of the following would, other things equal, reduce the demand for U.S. farm products?
A) poorer crops abroad                                     

 B) strong economic growth abroad

C) improved trade relations with China and Russia

D) appreciation of the U.S. dollar

34 Small changes in the demand for agricultural products cause large changes in farm prices and incomes because:

   A)  demand is relatively elastic with respect to price.

B) demand is relatively inelastic with respect to price.

 C)  agricultural supply is stable in the long run.

   D)  the supply of agricultural products is perfectly elastic.

Which of the following statements about U.S. agriculture is true as it relates to the past several decades?

  A) The demand for farm products has declined, the supply of farm products has increased, and the price of farm products has declined.

 B) The demand for farm products has become both more income elastic and more price elastic.

   C) Minimum efficient scale has increased, the price of farm products has declined, and the number of farms has declined.

D)  The price of farm products have increased, minimum efficient scale has declined, and the supply of farm products has been stagnant.

36One 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.

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