EQ12solution - (b)Fixity of farm assets(e Underproduction...

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EQ #12 AGEC 105 (3pts) November 10, 2010 (0.5pt) 1. The price support program through a loan rate is controlled by which government agency? Commodity Credit Corporation (1.5pts) 2. Which of the following describe the real roots of the farm problem? (List ALL that apply) b,c,d (a)Own-price elasticity of demand for farm products is elastic (b) Lack of market power by agricultural producers (a)Interest sensitivity of the agricultural sector
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Unformatted text preview: (b)Fixity of farm assets (e) Underproduction of farm products P S 3 2 D 900 1000 Q 3. Consider the diagram for wheat on the right (0.5pt) (a) With a loan rate of $3/bushel, farmers will supply _ 1200 __ bushels. (0.5pt) (b) How many bushels of wheat will the government accumulate at the loan rate of $3/bushel? ___3 00 ___ bushels...
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