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exam 4 micro (Farming) Flashcards | StudBud

Explore/exam 4 micro (Farming)

exam 4 micro (Farming)

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exam 4

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Questions 7

Answers

1
Suppose , but you decide to cheat on the cartel agreement. Other apple farmer don't.
be unhappy because guilt
still be hurt by the good/bad paradox
make more money than the farmers who did not cheat
favor price controls
2
the government buys wheat from farmers for $5 then sells the wheat for $1 tax bill be?
10
80
4
400
3
Economic theory tells us that
farm subsidies are the only way to have food for society
farm subsidies increase productivity in agriculture
farm subsidies only hurt farmers
farm subsidies help farmers at the expense of others
4
The good/bad paradox is caused because the supply of agricultural goods has shifted into the:
elastic range of the demand curve for agricultural goods
inelastic range of the supply curve for agricultural goods
unit elastic range of demand curve for agricultural goods
inelastic range of the demand curve for agricultural goods
5
price is in inelastic range of demand curve, farm income will be ________ in years of drought
lower
higher
more difficult to predict
the same
6
if the government were to set a price floor of $5 and buy the surplus the gov. cost would be
200
10
50
5
7
Agriculture is an extremely productive industry. This vast productivity has
caused a need for a higher percentage of farm labor
less food and more starvation in our country
caused farmers to be rich
led to less of a % of our population to work in agriculture