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Food and Resource E

Food and Resource Economics Drummond Final Fall 2005

QuestionAnswer
1) It is prudent for the family to earn more than it spends; therefore, it is prudent for the government toearn more than it spends. This statement is an example of the fallacy of composition
The stock of XYZ Corp. currently trades at $20/share. Its P-E ratio is 12 and its dividend yield is 5%.How much will the next quarterly dividend be? D) can't tell based on the information provided
Which of the following is part of M1? A) Treasury bills held by the general publicB) time depositsC) balances in money market mutual fundsD) certificates of depositE) none of the aboveAnswer: E
Commercial banks may hold required reserves as D) either vault cash or balances with the Fed
If the economy is experiencing a high rate of inflation, the appropriate policy for the Fed to adoptwould be to A) sell bonds
The total value of all final and intermediate goods and services produced during a period of timeis called A) national incomeB) gross income productC) gross national productD) gross domestic productE) none of the above
The "father" of neo-classical (contemporary) macroeconomic theory is D) John Maynard Keynes
As a result of the approval of the NAFTA trade treaty, some American producers will be worse off and others will be better off
The impact of a tariff is paid entirely by the A) exporting consumerB) importing producerC) importing consumerD) exporting producerE) none of the aboveAnswer: E
Which of the following is NOT true about production functions? B) economic relationship
In general, economic profits _________ accounting profits. are less than
An industry in which firms have a relatively high proportion of total costs in fixed costs B) will be subject to wide price fluctuations
What characteristic is indicative of oligopolies? interdependence of firms
Natural monopolies occur in industries with high fixed costs
The defining characteristic of a monopoly is A) entry is blocked
A consumer consumes two goods: hamburgers and fries. As a result of a decrease in the price ofhamburgers, ceteris paribus, the quantity consumed of hamburgers rises and the quantity consumed offries rises. Therefore, B) the real income effect is stronger than the substitution effect
The elasticity of demand for clams is -0.45. Therefore an upward (inward) shift of the supply of clams, ceteris paribus, would result in E) higher revenues for clam producers
Price discrimination is appropriate behavior of a firm facing a market in which E) different market segments have different demand elasticities
Farm level demand is more inelastic than retail demand
The Farm Credit System gets the money it lends out to farmers from A) the Farm Service AgencyB) the U.S. TreasuryC) the U.S. Department of AgricultureD) "Farmer Mac"E) none of the aboveAnswer: E
40)Prior to World War II, the sentiment in the U.S. was very __________, but after the war there wasa strong sentiment for _______________. C) isolationist; internationalization
Created by: dmcelroy