Economics

Question 1

True or False?

Most of Australia’s rural exports go to Europe.

Answer 1

False

Question 2

True or False?

Farmer’s Terms of Trade can be defined as the ratio of prices received by farmers to prices paid by farmers.

Answer 2

True

Question 3

True or False?

Australian farmers rely more heavily on purchased inputs than they did in the past.

Answer 3

True.

Question 4

True or False?

Australia is essentially a rural society, we are not urbanised and we are culturally homogenous.

Answer 4

False.

Question 5

True or False?

The Top 4 Product groups; wheat, wool, cattle and milk make up about 60% of the gross value of farm production.

Answer 5

False.

Question 6

True or False?

Agriculture contributes more than 10% to Australian Gross Domestic Product.

Answer 6

False

Question 7

True or False?

A steady decline in productivity has caused the decline in farmer’s terms of trade.

Answer 7

False

Question 8

True or False?

Exports of rural origin make up about 60% by value of Australia’s export income.

Answer 8

False

Question 9

True or False?

The decline in farmer’s terms of trade is also a measure of the cost-price squeeze in agriculture.

Answer 9

True