11.TherearefewerfarmersintheUnitedStatestodaythan200yearsagobecauseof
a.improvementsinfarmtechnology.
b.increasedgovernmentregulationsinfarming.
c.anelasticdemandforfood.
d.environmentalprogramsdesignedtoreducesoilerosion.
12.HowdidthefarmpopulationintheUnitedStateschangebetween1950andtoday?
a.Itdroppedfrom10milliontofewerthan3millionpeople.
b.Itdroppedfrom20milliontofewerthan5millionpeople.
c.Itdroppedfrom30milliontojustover6millionpeople.
d.Itincreasedfrom10milliontoalmost13millionpeople.
13.Between1950andtodaytherewasa
a.20percentdropinthenumberoffarmers,butfarmoutputmorethantripled.
b.30percentdropinthenumberoffarmers,butfarmoutputmorethantripled.
c.50percentdropinthenumberoffarmers,butfarmoutputmorethandoubled.
d.70percentdropinthenumberoffarmers,butfarmoutputmorethandoubled.
14.Anadvanceinfarmtechnologythatresultsinanincreasedmarketsupplyis
a.goodforfarmersbecauseitraisespricesfortheirproductsbutbadforconsumersbecauseitraisespricesconsumerspayforfood.
b.badforfarmersbecausetotalrevenuewillfallbutgoodforconsumersbecausepricesforfoodwillfall.
c.goodforfarmersbecauseitraisespricesfortheirproductsandalsogoodforconsumersbecausemoreoutputisavailableforconsumption.
d.badforfarmersbecausetotalrevenuewillfallandbadforconsumersbecausefarmerswillraisethepriceoffoodtoincreasetheirtotalrevenue.
15.ArecentnewsreportlamentedtheplightofcornfarmersinWisconsinduetoaseveredrought.WhichofthefollowingbestdescribestheeffectoncornfarmersinMinnesota,wheresufficientrainfalloccurred?
a.Theirrevenueincreasesbecausepriceincreasesanddemandiselastic.
b.Theirrevenueincreasesbecausepriceincreasesanddemandisinelastic.
c.Theirrevenuedecreasesbecausepricedecreasesanddemandisinelastic.
d.Theirrevenuedecreasesbecausepriceincreasesanddemandiselastic.
16.RefertoScenario5-4.Theequilibriumpricewill
a.increaseinboththeagedcheddarcheeseandbreadmarkets.
b.increaseintheagedcheddarcheesemarketanddecreaseinthebreadmarket.
c.decreaseintheagedcheddarcheesemarketandincreaseinthebreadmarket.
d.decreaseinboththeagedcheddarcheeseandbreadmarkets.
17.RefertoScenario5-4.Theequilibriumquantitywill
a.increaseinboththeagedcheddarcheeseandbreadmarkets.
b.increaseintheagedcheddarcheesemarketanddecreaseinthebreadmarket.
c.decreaseintheagedcheddarcheesemarketandincreaseinthebreadmarket.
d.decreaseinboththeagedcheddarcheeseandbreadmarkets.
18.RefertoScenario5-4.Thechangeinequilibriumpricewillbe
a.greaterintheagedcheddarcheesemarketthaninthebreadmarket.
b.greaterinthebreadmarketthanintheagedcheddarcheesemarket.
c.thesameintheagedcheddarcheeseandbreadmarkets.
d.Anyoftheabovecouldbecorrect.
19.RefertoScenario5-4.Thechange inequilibrium quantitywillbe
a.greaterintheagedcheddarcheesemarketthaninthebreadmarket.
b.greaterinthebreadmarketthanintheagedcheddarcheesemarket.
c.thesameintheagedcheddarcheeseandbreadmarkets.
d.Anyoftheabovecouldbecorrect.
20.RefertoScenario5-4.Totalconsumerspendingonagedcheddarcheesewill
a.increase,andtotalconsumerspendingonbreadwillincrease.
b.increase,andtotalconsumerspendingonbreadwilldecrease.
c.decrease,andtotalconsumerspendingonbreadwillincrease.
d.decrease,andtotalconsumerspendingonbreadwilldecrease.
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