All of the Following Statements About Agriculture in Market Economic

question 38

Multiple Choice

All of the following statements about agriculture in market economic systems are true EXCEPT

• A)that it is characterized by specialization,profit,and interdependence.
• B)in response to low crop prices and overproduction,it is being replaced by intensive subsistence farming.
• C)the crop or livestock mix selected by commercial farmers reflects assessment of production and marketing costs and market demands and prices.
• D)it involves intensive land use near markets and extensive land use at more distant locations.

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Definitions:

Net Income

The total profit of a company after all expenses, taxes, and costs have been deducted from total revenue.

Total Liabilities

The sum of all financial obligations a company owes to outside parties, including loans, accounts payable, and any other debts.

IFRS

International Financial Reporting Standards, which are global accounting standards for preparing financial statements, making it easier to compare entities internationally.

Current Liability

An obligation that a company is required to pay off within the current fiscal year or operating cycle, essentially a rephrased definition of current liabilities.