WPC150 - CHP8

Biodiesel becomes economically viable when the price of oil reaches ______ per barrel.

$110

The amount of capital used per farmworker in the United States increased ______ times between 1930 and 1980, permitting a fivefold increase in the amount of land cultivated per farmer.

15

Between 2010 and 2018, American farmers received an average of ______ of government subsidies each year.

16 billion

Over the last half-century, the physical productivity in agriculture has advanced ______ as fast as that in the nonfarming sectors of the economy.

2 times

Select all that apply As shown in the figure, which of the following can help boost the market price of farm products toward the supported price?

A decrease in market supply An increase in market demand

Which of the following ended direct payments and countercyclical payments while continuing the marketing loan program?

Agricultural Act of 2014

What is the main reason why there has there been an increase in the consumption of resources since the beginning of the Industrial Revolution?

An increase in the number of people alive

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Bloomberg Business Week Fortune Standard and Poor's for annual reports

Select all that apply Suppose the government implemented a price-support program as depicted in the figure. How could government reduce the surplus of output that results from the farm policy and boost the market price?

By decreasing the supply of farm products. By increasing the demand for farm products

Various aspects of a job search strategy that you should focus on include

Creating an appropriate resume Preparing yourself for job interviews Searching for jobs online

Select all that apply What are some of the programs that the U.S. government has used since the 1930s to subsidize agriculture?

Crop insurance Agricultural price supports Farm credits

What are the two dynamic characteristics of agricultural markets that explain why agriculture has been a declining industry?

Demand for farm products has increased slowly because it is inelastic with respect to income. Over time, the supply of farm products has increased rapidly because of technological advance.

Why are profits not guaranteed for firms supplying nonrenewable resources?

Extraction can be very expensive. The price they will receive in markets is uncertain.

True or false: To get the job you want, the only thing that really matters is having a good resume.

F

Select all that apply Which statements about solar electricity are true?

Falling solar-electricity prices are providing a strong incentive to move toward electric vehicles. Solar electricity is the least expensive way to generate electricity in sunny locations.

True or false: Achieving energy efficiency requires selecting a single type of energy input.

False

True or false: Forestry companies have no incentive to replant if they have property rights.

False

True or false: Renewable resources include things like forests, solar energy, and oil.

False

True or false: You will very likely be able to work for the same employer for most of your career.

False

Which of the following is a common argument made in support of farm subsidies in U.S. agriculture?

Farmers face imbalances between the prices at which they sell output versus the prices they must pay for the resources to produce said output.

Which of the following is a change that was enacted in the Agricultural Act of 2018?

Farmers were allowed to choose between the price loss coverage and agricultural risk coverage programs each year.

Select all that apply What may the massive exodus of workers from the farming sector be attributed to?

Financial losses Farm consolidation

The ______ eliminated price supports and acreage allotments for many of the nation's crops, while continuing direct subsidies to farmers.

Freedom to Farm Act of 1996

Which of the following has failed to keep pace with technologically created increases in the supply of farm products?

Growth in the demand for farm products

___ in the demand for agricultural products have failed to keep pace with technologically created increases in the supply of said products.

Increases or Growth

In recent years, what has happened to per capita energy use in the United States and other developed countries?

It has leveled off.

Select all that apply In the figure, which of the following illustrate the downward pressure on prices and consequently farm income?

Large increases in agricultural supply Very moderate increases in demand A larger increase in agricultural supply than demand Inelastic demand for farm products

Select all that apply Which two of the following government policies designed to limit the size of fish catches to sustainable levels have generally been effective in reaching that goal?

Limiting fish catch sizes to a total allowable catch (TAC) Issuing individual transferable quotas (ITQs)

The three major kinds of farm subsidies provided by the Food, Conservation and Energy Act of 2008 are

Marketing loans Direct payments Countercyclical payments

Why is there no incentive to conserve conflict diamonds as a resource?

Nobody can be sure of controlling the mines for more than a few months.

How did the price-support strategy in agriculture treat the symptoms and not the causes of the farm problem?

Price and income supports encouraged people to stay in farming rather than move to nonfarm occupations. Price and income supports slowed the reallocation of resources from farming to nonfarm occupations.

natural resources include things like forests and wildlife, which are capable of growing back, or renewing themselves, if they are harvested at moderate rates.

Renewable

Select all that apply Which of the following are reasons that solar energy production is limited in the United States?

Solar prices have only recently become competitive. Solar panels perform well only in areas with abundant sunlight. Solar panels cannot generate electricity at night.

Which act made minor changes to the Agricultural Act of 2014?

The Agricultural Act of 2018

Which of the following describes the Freedom to Farm Act of 1996?

The act ended price supports and acreage allotments for many farm products. Farmers were allowed to respond to the changing factors of supply and demand.

How does the cost per mile of driving an electric vehicle compare to the cost of driving a gasoline- or diesel-powered vehicle?

The cost per mile of driving an electric vehicle is about half as much as the cost of driving a gasoline- or diesel-powered vehicle.

Which of the following suggests that farmers should obtain a constant ratio of the prices they receive for their farm products and the prices they pay for goods and services in general?

The parity concept

The price-support strategy exacerbated which of the following problems?

The presence of too many farmers in the market

Select all that apply Which reasons are used to support economists' criticisms of the parity concept?

The relative values of goods and services are established by supply and demand. The relative values of goods and services change over time due to a variety of factors.

What are the net benefits of natural resource extraction?

The total benefits of resource extraction minus the total costs of resource extraction

Which statement about running out of energy is true?

There is no likelihood that the world will run out of energy this century.

Which statement about conflict diamonds is true?

They are over-extracted because property rights to diamond mines are uncertain.

How did economists respond to the parity concept for price supports?

They rejected it.

Select all that apply Shale oil becomes economically viable at a lower price per barrel of oil than ______.

U.S. corn-based ethanol biodiesel

Select all that apply In the figure, which of the following illustrate the downward pressure on prices and consequently farm income? ddd

Very moderate increases in demand A larger increase in agricultural supply than demand Inelastic demand for farm products Large increases in agricultural supply

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If the world's oil supplies are depleted, then the world will run out of

a cheap energy source for transportation

Energy efficiency typically requires using ______.

a mix of energy inputs

Solar electricity accounts for ______ of the electricity generated by the United States each year.

a very small portion

Technological advance and inelastic demand with respect to income are the reasons why ______.

agriculture has been a declining industry

In the graph, prior to the simultaneous shifts in both the demand and supply curves, farm incomes would ______.

be higher

In the graph, prior to the simultaneous shifts in both the demand and supply curves, farm incomes would ______. 3

be higher

One of the most important advertisements you will ever write is a(n) ___ ___

cover letter

For resources to be managed optimally, policymakers must ______.

create the appropriate incentive structure

An inelastic demand for agricultural products, together with fluctuations in farm production and the ____ curve are the reasons for price and income instability in the agricultural industry.

demand

The Agricultural Act of 2014 consisted of which of the following actions?

ended countercyclical payments ended direct payments marketing loan program was continued

Research to find and exploit low-cost energy sources is known as ______.

energy economics

A stock of fish or other marine animals that can be thought of as a logically distinct group is called a ______.

fishery

A(n) ___ is a stock of fish or other marine animals that can be thought of as a logically distinct group.

fishery

Price supports are government-imposed price ___ , or minimum prices on selected farm products.

floors

The concept of parity provides the rationale for government price ____ on farm products.

floors

Wildlife habitat, erosion prevention, and oxygen production are just some examples of the benefits derived from ______.

forests

Ehrlich's predictions of mass starvation have not been correct because

higher living standards have not increased the world's population as much as expected.

Rising living standards may not require more energy due to ______.

improved technology

Select all that apply The causes for price and income instability in the agricultural industry include

increases in demand. decreases in demand. an inelastic demand for agricultural products. fluctuations in farm output.

Economic profit for companies that supply nonrenewable resources

is not guaranteed because future selling prices for their products are uncertain.

Select all that apply In response to overfishing, governments have ______. Multiple select question.

limited the number of fishing boats allowed to fish in a specific area limited the number of days per year that a specific kind of fish can be caught limited catch sizes to a total allowable catch

Select all that apply Villagers in some African countries organized very effective patrols to protect and conserve elephants when ______.

local villagers could keep the money from taking tourists on safaris local villagers could keep the money from selling hunting rights property rights were given to the villagers

The African countries that have not experienced sharp declines in their elephant populations have been those that assigned elephant property rights to

local villages.

Compared to the beginning of the industrial revolution, today people consume ______.

more resources because the population has increased. more resources because living standards are higher.

Present and future decisions about resource extraction are

not independent because extracting more today leaves less for the future.

A farmer sells 10 pounds of apples in 1950 for enough money to buy a pair of jeans. Forty years later, the same farmer sells another 10 pounds of apples for enough money to buy himself another pair of jeans. This exemplifies the concept of ______.

parity

The concept of ___ provides the rationale for government price floors on farm products.

parity

List the steps needed for a job search strategy. The first step is self-analysis. Starting with the next step at the top, list the rest of the process.

pic

Your school's ___ office is a good place to begin learning about potential employers.

placement or career

Paul Ehrlich predicted that

population growth would result in mass starvation.

You can enhance a generic resume when you post it online by creating a ___ that includes work samples, links to activities you are involved with, and even videos you have created.

portfolio

Optimal management of renewable and nonrenewable resources involves striking a balance between the costs and benefits of ______ use.

present

The key to using your online profile to attract employers is to develop a strong, ___ profile.

professional

Strong ___ rights are vital to the postponement of extracting natural resources.

property

Postponing resource extraction for the future will not be profitable without

property rights.

Your online profile can hurt your chances with a new employer if it has:

provocative photos evidence of excessive drinking

Some companies use computer programs called web crawlers for initial scans of online resumes before an individual is ever involved. Because of this your resume should

refer to the company culture with words from their website. use keywords from the company's job description.

A cover letter should show that you ____ the company and what you know about it.

researched

A one-page document that lists information an employer would need to evaluate whether you qualify for that company's job opening is a(n)

resume

There is a strong incentive to manage forests on a sustainable basis when there are

strong property rights in place.

Select all that apply In energy economics, researchers

study how to find low-cost energy sources. identify the best energy source to use in production.

Select all that apply Some products that are heavily subsidized through federal government programs include

sugar wheat milk

Products such as wheat, milk and sugar are heavily ___ through federal government programs.

supported

Price ___ are government-imposed price floors or minimum prices on selected farm products.

supports or controls

Price ____ are government-imposed price floors or minimum prices on selected farm products.

supports or controls

Thomas Malthus predicted that human living standards would rise above subsistence levels _____.

temporarily until the population increased

According to Malthus, an increase in living standards above subsistence levels would be ______.

temporary

Select all that apply Over the decades, the arguments made to justify farm subsidies in the United States include

the "family farm" is a fundamental U.S. institution and should be protected. farmers are subject to extraordinary hazards not faced by most other industries.

Marketing loans, direct payments, and countercyclical payments are various forms of farm subsidies provided by ______.

the Food, Conservation, and Energy Act of 2008

The long-run result of financial losses in U.S. agriculture is the loss in ______.

the number of farms

To compare the value of using a resource today with the value of using the resource in the future, policymakers must calculate

the present value of using the resource in the future.

To compare a value of money in the present with a value of money in the future using the same measurement, economists use Multiple choice question.

the time-value of money.

Select all that apply The benefits of forests include ______.

wood recreation providing wildlife habitat