Which of the Following Statements Is Correct

question 172

Multiple Choice

Which of the following statements is correct?

• A) The price support program hastened the exodus of resources from agriculture.
• B) The main beneficiaries of government price support assistance were the very low income farmers.
• C) If the demand for agricultural products is inelastic, a relatively small decrease in supply will increase gross farm incomes.
• D) There is a misallocation of resources in rural America because of absolute and relative increases in the size of the farm population.

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Definitions:

Receivables

Amounts payable to a corporation by its clientele for goods or services that have been delivered or rendered, but are yet to be paid for.

Cash Collections

The process of gathering all cash payments due from customers over a specific period.

Sales

Sales refer to the total amount of goods or services sold by a company, which is a direct indicator of its business performance.

Cash Collections

The process of gathering and managing payments received from customers or clients.