Homework Answers
Option d
High own price elasticity of demand and supply would be sensitive for price changes and hence eliminating price support would lead to decreased production and increased cost
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Eliminating price supports for all US agricultural producers will hurt the farmers who cultivate products that...
The consumer's gain from the imposition of a price ceiling is higher when (Please provide answer...
The consumer's gain from the imposition of a price ceiling is higher when (Please provide answer with detail reason and explanation) A) the own price elasticity of market demand is high and the price elasticity of market supply is high. B) the own price elasticity of market demand is high and the price elasticity of market supply is low. C) the own price elasticity of market demand is low and the price elasticity of market supply is high. D) the...
If agricultural subsidies are eliminated by the WTO, which of the following statements are correct? Select...
If agricultural subsidies are eliminated by the WTO, which of the following statements are correct? Select one or more: a. Farmers in industrialized countries who currently receive export subsidies will gain. b. The agricultural producers in countries that subsidize their production will be harmed the most. c. The agricultural exporters in countries that do not use subsidies will benefit the most. d. The agricultural exporters in countries that do not use subsidies will be harmed the most. e. Farmers in...
25. Farm program benefits tend to become capitalized into: (a) perpetual payments to large producers. (b)...
25. Farm program benefits tend to become capitalized into: (a) perpetual payments to large producers. (b) the bank accounts of farmers. (c) taxpayer costs. (d) the value of inputs that are the most inelastic in supply. (e) government budget deficits. 26. The Agricultural Risk Coverage Program (ARC) program is all of the following EXCEPT: (a) A farm revenue stabilization program. (b) Revenue payments to producers based on yields and price levels. (c) A counter-cyclical payment program. (d) A farm program...
A drought decreases the supply of agricultural products. This means that at any given price, a...
A drought decreases the supply of agricultural products. This means that at any given price, a lower quantity will be supplied. Conversely, especially good weather would shift the a. demand curve to the right. b. demand curve to the left. c. supply curve to the right. d. supply curve to the left.
The market for milk is initially in equilibrium. Milk producers successfully advertise to encourage milk drinking....
The market for milk is initially in equilibrium. Milk producers successfully advertise to encourage milk drinking. At the same time, more milk producers enter the market. Standard demand and supply analysis tells us that the: Select one: 0 a. equilibrium price of milk will rise, but we can't determine how the equilibrium quantity will be affected. b. equilibrium price and quantity of milk will rise. O O c. equilibrium quantity of milk will rise, but we can't determine how the...
Over the long run, worldwide supplies of agriculture products have increased dramatically, but at the same...
Over the long run, worldwide supplies of agriculture products have increased dramatically, but at the same time, farmers' revenues have also fallen sharply. What is the reason for this? O a. Total revenue from farming decreased as output increased because demand for most farm products is inelastic. O b. The demand for farm products has declined over the past few decades. O c. Farm price supports have robbed farmers of their income. O d. Supply has increased but become more...
The law of supply indicates that, other things equal, Select one: O a. producers will offer...
The law of supply indicates that, other things equal, Select one: O a. producers will offer more of a product at low prices than at high prices. b. the product supply curve is downsloping, c. consumers will purchase less of a good at high prices than at low prices. d. producers will offer more of a product at high prices than at low prices.
1. Much of the demand for U.S. agricultural output has come from other countries. In 1998,...
1. Much of the demand for U.S. agricultural output has come from other countries. In 1998, the total demand (which is the sum of total domestic demand and total foreign demand) for wheat was Q_D=4200-250P. Of this, total domestic demand was Q_dom=2700-170P, and domestic supply was Q_S=1200+150P. a. What is the demand function of the demand for wheat in foreign market Q_f? b. What is the equilibrium price and quantity of the wheat market? c. Suppose that China announces to...
Almonds are a crop that grows on trees. Farmers do not need to replant trees every...
Almonds are a crop that grows on trees. Farmers do not need to replant trees every year to produce a crop of almonds. It takes at least five years after planting for trees to bear fruit. Several factors such as weather, disease, and long term projections about price impact the supply of almonds available. Barley is a grass that must be planted each year to produce a crop. The growing season is short, about three to four months. Several factors...
Need help with this problem b-e, i did a already. Need help asap. Thanks Consider an agricultural subsidy provided by th...
Need help with this problem
b-e, i did a already. Need help asap. Thanks
Consider an agricultural subsidy provided by the US government. Consider also that milk is one of the products subsidized. If there is NO trade with the rest of the world, the domestic price of milk in the US would be $2.25 per gallon and the equilibrium quantity would be 100 gallons at this price. After trade opens, at the world market price of $1.50 per gallon,...
25. Farm program benefits tend to become capitalized into: (a) perpetual payments to large producers. (b) the bank accounts of farmers. (c) taxpayer costs. (d) the value of inputs that are the most inelastic in supply. (e) government budget deficits. 26. The Agricultural Risk Coverage Program (ARC) program is all of the following EXCEPT: (a) A farm revenue stabilization program. (b) Revenue payments to producers based on yields and price levels. (c) A counter-cyclical payment program. (d) A farm program...
The market for milk is initially in equilibrium. Milk producers successfully advertise to encourage milk drinking. At the same time, more milk producers enter the market. Standard demand and supply analysis tells us that the: Select one: 0 a. equilibrium price of milk will rise, but we can't determine how the equilibrium quantity will be affected. b. equilibrium price and quantity of milk will rise. O O c. equilibrium quantity of milk will rise, but we can't determine how the...
Over the long run, worldwide supplies of agriculture products have increased dramatically, but at the same time, farmers' revenues have also fallen sharply. What is the reason for this? O a. Total revenue from farming decreased as output increased because demand for most farm products is inelastic. O b. The demand for farm products has declined over the past few decades. O c. Farm price supports have robbed farmers of their income. O d. Supply has increased but become more...
The law of supply indicates that, other things equal, Select one: O a. producers will offer more of a product at low prices than at high prices. b. the product supply curve is downsloping, c. consumers will purchase less of a good at high prices than at low prices. d. producers will offer more of a product at high prices than at low prices.
Almonds are a crop that grows on trees. Farmers do not need to replant trees every year to produce a crop of almonds. It takes at least five years after planting for trees to bear fruit. Several factors such as weather, disease, and long term projections about price impact the supply of almonds available. Barley is a grass that must be planted each year to produce a crop. The growing season is short, about three to four months. Several factors...
Need help with this problem
b-e, i did a already. Need help asap. Thanks
Consider an agricultural subsidy provided by the US government. Consider also that milk is one of the products subsidized. If there is NO trade with the rest of the world, the domestic price of milk in the US would be $2.25 per gallon and the equilibrium quantity would be 100 gallons at this price. After trade opens, at the world market price of $1.50 per gallon,...
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