Question

8. Traditional agricultural export commodities from the Caribbean are marketed in other third world countries b. are sold under the World Trade Organization c. are marketed using international commodity agreements d. none of the above Which one below is important in understanding conduct in agricultural markets? a. producers do not maximize long run profits b. the demand for most agricultural products is elastic c. high barriers to entry exist in farming d. their small size makes farmers price takers 10. The long run production function: a. is usually is twice the short run production function b. has a decreasing marginal product c. obeys the law of diminishing marginal rate of substitution d. none of the above 11. Training of farm employees should: a particularly encourage personal achievement b. aim at higher farm performance c. be achieved through sharing in farm profits d. all of the above 12. Human resource planning involves a. forecasting b. strategic planning c. managerial control d. all of the above 13. Commodity marketing boards in the Caribbean exist for: a. coffee and fish b. banana and nutmeg c. cocoa and chicken d. a. and b. above 14. Indifference curve never intersect because: a. they are negatively sloped b. if they did, the intersection would represent two different levels of utility c. they illustrate the law of diminishing Marginal Rate of Substitution d. they are tangential to budget lines 15. Intraregional trade in agricultural products a has special rules under CARICOM b. will change significantly under the CSME c. is larger in value than extra-regional trade in agricultural products d. none of the above

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Answer 1

8. (b)- are sold under World trade organization

9. (b)- the demand for most agricultural products is elastic

10. (d)- none of the above

11. (a)- particularly encourage personal achievements

12. (d)- All of the above

13. (d)- a. and b. above

14. (b)- if they did,the intersection would represent two different levels of utility

15. (a)- has special rules under CARICOM