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Economics 202 Ch 30

Principles of Economics Ch 30

QuestionAnswer
In developed countries agricultural productivity has: Increased greatly, therefore food production has required a steadily shrinking percentage of the available resources in developed countries.
U.S. agricultural markets are among the most: Competitive of all U.S. markets and most agricultural markets are very large.
Agricultural producers are producing essentially: Indentical products to those of their competitors.
Most agricultural producers have no market power and must: Compete in terms of productivity and cost eddiciency.
The federal government's farm policies have been aimed at: Helping farmers deal with their long run problem (falling farm prices and total revenue) and their short run problem (unstable farm prices and total revenue).
Farm prices and total revenue have generally been falling due to: Increasing productivity in agriculture, demand for farm products in income inelastic, and demand for farm products in price inelastic.
The short run problems of unstable farm prices and total revenue are due to: The supply of farm products is unpredictable due to weather and when the supply changes equilibrium price and quantity will change.
To help maintain prices above free market equilibrium the federal government has relied on these traditional farm policies: Price supports, supply restricting policies, and target prices.
A price support program: Establishes a price floor above the equilibium price for the farm product.
Supply Restricting Policies Various programs have either required farmers to reduce supply, or paid farmers to reduce supply.
Target Prices The government establishes a target price for the farm product. If the market price is less thanthe target price, then government pays a deficency payment to the farmers.
The Fair Act of 1996 An attempt to reduce the federal government's role in subsidizing farmers, and to eventually eliminate most government subsidiesto farmers.
The Farm Security and Rual Investment Act of 2002 Renewed the federal government's major role in agricultural markets by providing larger subidies to farmers than provided by the Fair Act.
The Farm Security and Rual Investment Act of 2002 subidies were provided largely through these programs: Direct payments, counter-cyclical payments, and nonrecource commodity loans.
Direct Payments Fixed payments to produces of eligible crops (corn, wheat, rice, upland cotton, barley, grain sorghum, soybeans, other oilseeds, and peanuts).
Counter-Cyclical Payments Similar to the deficiency payments provided under traditional target prices.
Nonrecourse Commodity Loans Have an effect of establishing a price floor for the commodity
The Food, Conservation, and Energy Act of 2008 Continued the federal government's major role in agricultural markets with the three subsidy programs.
Negative things about the federal govenment's farm policies include: They are econcomically inefficent and misallocating resources.
Good things about the federal govenment's farm policies include: They are not as badas the farm policies of other cointries and they don't work.
When the government of developed cointries subsidize their farmers: Production of farm products increase and prices fall.
Created by: dengler
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