MID2~2006

MID2~2006 - University of California, Davis Department of...

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University of California, Davis Department of Agricultural and Resource Economics ARE 120 Spring 2006 Julian Alston SECOND MIDTERM EXAMINATION May 25, 2006 Name:_________________________________________ Discussion Section:______________________________ Student Identification Number:__________________________ Section Points Score I 60 II 60 III 60 IV 70 Total 250 THE TOTAL POINTS FOR THIS EXAM ARE 250 ABOUT 3 POINTS PER MINUTE.
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1 I. Multiple Choice Section (60 points) For each question circle the letter for only one answer. If you think more than one answer might be correct, choose the best one. Each correct answer is worth 6 points. 1. Wheat export subsidies in the European Union a. caused the European Union to become a net exporter b. were one of the reasons behind the U.S. wheat export subsidies c. added to the budget cost of U.S. wheat policies d. all of the above e. none of the above 2. Prior to 2004, U.S. tobacco policy benefited U.S. tobacco quota owners at the expense of a. U.S. taxpayers b. foreign tobacco growers c. U.S. tobacco growers who do not own quota d. the U.S. economy as a whole e. none of the above 3. U.S. sugar policy has benefited a. both U.S. sugar producers and U.S. sugar consumers b. both U.S. sugar producers and Australian sugar producers c. both U.S. sugar producers and U.S. sugar importers d. both U.S. sugar producers and U.S. high fructose corn syrup producers e. none of the above 4. The 2002 Farm Bill establishes a payment program for dairy that a. is based on the price of milk in Boston b. caps payments made to individual producers c. is biased in favor of smaller farms d. is biased against the California dairy industry e. all of the above 5. The U.S. dairy policy a. benefits producers at the expense of taxpayers b. uses classified pricing c. uses revenue pooling to redistribute benefits from price discrimination d. all of the above e. none of the above
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2 Multiple Choice Section (continued). 6. Which of the following statements is true a. during 1985-1995, EU consumers and producers both benefited from EU wheat policy b. U.S. sugar policy has lowered both world price and U.S. domestic price c. U.S. tobacco quota owners benefited from U.S. tobacco policy at the expense of U.S. consumers and taxpayers d. during 1985-1995, EU producers benefited from EU wheat policy at the expense of EU consumers, taxpayers and foreign producers e. none of the above is true 7. Which of the following activities undertaken by marketing orders are not likely to give rise to benefits to society as a whole as well as producers a. provision of standardized grades and packs b. regulation of unobservable quality such as sugar content c. regulation of the sizes of fruit that may be sold d. all of the above e. none of the above 8. Assume Japan’s rice imports are subject to a quota. Relative to free trade, this policy causes a. a higher U.S. producer price of rice b. a higher U.S. consumer price of rice c.
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This note was uploaded on 05/03/2008 for the course ARE 120 taught by Professor Alston during the Spring '08 term at UC Davis.

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MID2~2006 - University of California, Davis Department of...

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