APEC – Final Exam – Agricultural and Applied Economics –
study material
Much of the large-scale railroad construction in the United States was paid for using: - correct answer
✔✔Land Grants
"Once costs of transportation are accounted for, the prices of homogeneous goods should be the same
in all spatially separated markets" is known as: - correct answer ✔✔The law of one price
A political approach that strives to appeal to ordinary people who feel that their concerns are
disregarded by elites is known as: - correct answer ✔✔Populism
True or False?:In the late 1800s, railroads could be characterized as a natural monopoly. - correct
answer ✔✔True
Which federal agency is tasked with water management, particularly for providing water for irrigated
agriculture? - correct answer ✔✔Bureau of Reclamation
Which principle of economics can best help us understand why very few dams have been built in the
United States in recent years? - correct answer ✔✔Diminishing Marginal Returns
Which would be the best example of an industry with high fixed or startup costs? - correct answer
✔✔An electricity generation company
By 1932, what percentage of rural America had access to electricity? - correct answer ✔✔About 10%
Governments often make subsidized loans to individuals and organizations. Examples include student
loans and loans to utility cooperatives. What distinguishes a subsidized loan from other loans? - correct
answer ✔✔Subsidized loans have a rate of interest lower than the market rate
What percent of water in the American West is used for agriculture? - correct answer ✔✔80%
study material
Much of the large-scale railroad construction in the United States was paid for using: - correct answer
✔✔Land Grants
"Once costs of transportation are accounted for, the prices of homogeneous goods should be the same
in all spatially separated markets" is known as: - correct answer ✔✔The law of one price
A political approach that strives to appeal to ordinary people who feel that their concerns are
disregarded by elites is known as: - correct answer ✔✔Populism
True or False?:In the late 1800s, railroads could be characterized as a natural monopoly. - correct
answer ✔✔True
Which federal agency is tasked with water management, particularly for providing water for irrigated
agriculture? - correct answer ✔✔Bureau of Reclamation
Which principle of economics can best help us understand why very few dams have been built in the
United States in recent years? - correct answer ✔✔Diminishing Marginal Returns
Which would be the best example of an industry with high fixed or startup costs? - correct answer
✔✔An electricity generation company
By 1932, what percentage of rural America had access to electricity? - correct answer ✔✔About 10%
Governments often make subsidized loans to individuals and organizations. Examples include student
loans and loans to utility cooperatives. What distinguishes a subsidized loan from other loans? - correct
answer ✔✔Subsidized loans have a rate of interest lower than the market rate
What percent of water in the American West is used for agriculture? - correct answer ✔✔80%
