Which of the following statements correctly characterizes the elasticity of demand for food?
a. While food demand is not very responsive to changes in price, increases in income produce big increases in the demand for food.
b. As income increases, the quantity demanded of food decreases.
c. If the price of food falls by 5 percent, quantity demanded will rise by less than 5 percent.
d. People consume the same amount of food regardless of the price of food.
Question 2Increases in the price of farm labor during the post-bellum period led to
a. an increase in farmers' demand for capital equipment.
b. a decrease in farmers' demand for land.
c. a decrease in the demand for food.
d. an increase in the demand for fertilizer.
Question 3(Refer to the figure provided in the text.) For the share of income spent on food to remain constant as income rises, the Engel curve must
a. lie above the 45-degree line.
b. lie below the 45-degree line.
c. be equal to the 45-degree line.
d. bisect the 45-degree line.
Question 4What best describes what happens to the share of income spent on food as income increases?
a. The share increases.
b. The share decreases.
c. The share stays the same.
Question 5According to the text, what best explains the price for federal land that would have maximized real GNP?
a. Some price above zero that maximizes government revenues to be redistributed fairly to the people.
b. Some price above zero that minimizes negative environmental externalities.
c. A price equal to zero that eliminates the welfare loss associated with land not used for production.
d. A subsidized price that distributes land based on egalitarian principles.
Question 6Major achievements of the Roosevelt administration in the field of conservation included all of the following except
a. protection of 150 acres of national forests.
b. retention of rights to 75 million acres of mineral wealth.
c. adoption of policies that would ultimately provide for construction of reservoirs and irrigation projects.
d. protection of over 100 species of animals and birds, including the bald eagle.
Question 7Which of the following presidents is remembered for his role in championing American conservation legislation?
a. Warren G. Harding
b. Abraham Lincoln
c. Ulysses S. Grant
d. Theodore Roosevelt
Question 8The first major step toward natural resource reform was
a. the General Revision Act of 1891.
b. the Commons Preservation Act of 1896.
c. the Reclamation Act of 1902.
d. the Snowden-Higgs Act of 1904.
Question 9The Morrill Act of 1862 established
a. local chapters of the organization that later became known as Future Farm Leaders of America..
b. state-run agricultural experiment stations.
c. land-grant colleges that provided agricultural education and research.
d. funding for high-school vocational training.
Question 10Established in 1862, the Department of Agriculture's functions during the 19th and early 20th century included all of the following except
a. research and experimentation on plant and animal breeding.
b. regulation of agricultural prices and output.
c. distribution of information through publications and experiment stations.
d. regulation of quality through inspection of meat and dairy products.
Question 11Members of the Populist Party supported
a. government ownership of banks.
b. government ownership of railroads.
c. government-imposed anti-monopoly policies.
d. government policies designed to encourage inflation.
e. All of the above.
Quick Reply
