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FRE306_SampleMidtm11

FRE306_SampleMidtm11 - Food and Resource Economics 306...

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Food and Resource Economics 306 Sample Midterm Exam –2011 Rick Barichello I. Multiple Choice : Choose which of the following statements are true and circle (write down) that letter. The number of true statements is between one and four. 1.5 marks are given for each letter correctly circled (written down) or correctly left uncircled (not written down). Do THREE (3) of the following four questions. Indicate which questions you are answering and which one not. Total marks = 3*5*1.5 = 22.5. Total suggested time: 22.5 minutes. 1. Declining real food prices a. The real farm prices of almost all food commodities have been found to decline on trend. b. The source of sustained real price decline is increased monopoly in food processing. c. As a result of declining real prices, farming is becoming less profitable to all farmers. d. Declining real prices is unique to the agriculture sector. e. Stopping all agricultural research and extension activities, in Canada and around the world, would stop the long term downward trend in agricultural prices. 2. Price cycles/cobweb model a. Price cycles occur in agricultural products such as rice and oilseeds.
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