Question 11

2pts

Only the owners of fixed resources can avoid the indifference principle.

Group of answer choices

True

False

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Question 12

2pts

The law of one price implies that all prices for no 2 yellow corn should be equal across the US even if there are transportation costs.

Group of answer choices

True

False

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Question 13

2pts

Regularly repeating price pattern that is completed every 12 months is a price cycle.

Group of answer choices

True

False

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Question 14

2pts

The Naive forecast simply forecast the next periods price to be equal to this periods price.

Group of answer choices

True

False

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Question 15

2pts

Nominal prices are real prices that have been adjusted for inflation

Group of answer choices

True

False

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Question 16

2pts

A distributed lag forecast is arrived at by adjusting prices for inflation using the CPI.

Group of answer choices

True

False

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Question 17

2pts

If the real price for hay over the last 20 years shows a downward trend, then this means

that the price of hay has increased less than the inflation rate.

Group of answer choices

True

False

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Question 18

2pts

Higher diesel prices, which increased transportation costs, will likely result in both lower farm prices and higher retail food prices.

Group of answer choices

True

False

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Question 19

2pts

The Income elasticity of demand is always positive.

Group of answer choices

True

False

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Question 20

2pts

The price of corn is typically highest in September, just before major harvest begins.

Group of answer choices

True

False

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Question 21

2pts

MSE (mean square error) and MAD (mean absolute deviation) are both measures or

forecast accuracy.

Group of answer choices

True

False

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Question 22

2pts

The farmers share of the consumer food dollar has been increasing over time.

Group of answer choices

True

False

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Question 23

2pts

In most instances, third-degree price discrimination is illegal.

Group of answer choices

True

False

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Question 24

2pts

Milk marketing orders are examples of second degree pricing schemes.

Group of answer choices

True

False

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Question 25

2pts

Bundling two goods and selling them together can increase profits.

Group of answer choices

True

False