What is the difference between farm commodities and food products? How does the number of competing firms change as farm commodities are processed into food?
What will be an ideal response?
Farm commodities are those farm products that are grown on farms such as corn, wheat, soybeans, feed grains, and other cash crops. Fruits and vegetables would be included in the mix of farm products. In addition would be animals raised for food such as cattle, chickens, turkeys, and pigs. Food products are items sold in grocery stores or at restaurants. Food products are typically processed farm commodities. The number of competing firms tends to decline as farm products are transformed into food products for direct human consumption. There are many cattle ranches and crop farms, but there often are just a few processors of agricultural products who turn the farm commodities into food products.
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Which of the following is a tool that is used by the Fed to control the quantity of money?
A) open market operations B) excess reserves C) government expenditure multiplier D) real interest rate
Which of the following statements is true about the Medicaid program?
a. The law places a ceiling on state per capita spending for enrollees. b. The majority of total outlays are for the elderly and disabled. c. Eligibility standards are uniform across all states. d. Federal tax revenues provide 100 percent of the program's funding. e. Everyone in the poverty-level population is eligible for benefits.
A p-value of 0.03 means that there is only a 0.03% chance of obtaining the measured result.
Answer the following statement true (T) or false (F)