Economics homework

1.  

About 10 percent of the U.S. labor force is in agriculture.

 True

 False

1 points   

Question 2

1.  

Environmentalists generally support price supports because these subsidies motivate additional farm production.

 True

 False

1 points   

Question 3

1.  

Farmers typically sell their products in highly competitive markets and buy in imperfectly competitive markets.

 True

 False

1 points   

Question 4

1.  

If prices received by farmers decline and prices paid by farmers increase, the parity ratio will decline.

 True

 False

1 points   

Question 5

1.  

Increases in incomes usually result in more than proportionate increases in the demand for agricultural products in a growing economy.

 True

 False

1 points   

Question 6

1.  

The Federal government has not paid subsidies to farmers since passage of the Freedom to Farm Act in 1996.

 True

 False

1 points   

Question 7

1.  

The Food, Conservation, and Energy Act of 2008 provides three types of agricultural subsidies: direct payments, countercyclical payments, and marketing loans.

 True

 False

1 points   

Question 8

1.  

The concept of parity has provided a rationale for government price supports for farm products.

 True

 False

1 points   

Question 9

1.  

The principal beneficiaries of government agricultural aid have been the very low-income farmers.

 True

 False

1 points   

Question 10

1.  

U.S. exports of farm products have generally declined as a percentage of U.S. farm output over the past half-century.

 True

 False