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The purpose of the Freedom to Farm Act of 1996 was to


A) immediately end U.S. farm subsidies.
B) end 60 years of U.S. price supports for American grain crops.
C) eliminate U.S. tariffs and quotas on imported farm goods.
D) stabilize short-run crop prices.

E) C) and D)
F) All of the above

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The average income of U.S. farm households in 2017 was


A) less than the average income for all households.
B) about equal to the average income for all households.
C) about 27 percent higher than the average income of all households.
D) about 77 percent higher than the average income of all households.

E) A) and D)
F) C) and D)

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Which of the following countries has the smallest percentage of its labor force employed in agriculture?


A) Madagascar
B) France
C) Brazil
D) United States

E) B) and C)
F) A) and D)

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  Which of the diagrams best describes the long-run path of real (inflation-adjusted) farm prices? A) A B) B C) C D) D Which of the diagrams best describes the long-run path of real (inflation-adjusted) farm prices?


A) A
B) B
C) C
D) D

E) A) and B)
F) A) and C)

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  Refer to the diagram. If farmers produce a bumper crop of Qᵦ , their gross income A) will be 0 Pₚ PBQᵦ . B) will be 0 Pᵦ BQᵦ . C) will be Pᵦ × Qₙ . D) cannot be determined. Refer to the diagram. If farmers produce a bumper crop of Qᵦ , their gross income


A) will be 0 Pₚ PBQᵦ .
B) will be 0 Pᵦ BQᵦ .
C) will be Pᵦ × Qₙ .
D) cannot be determined.

E) B) and C)
F) A) and D)

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