EQ 12 Spring 2010 Answer

EQ 12 Spring 2010 Answer - government agency? Commodity...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Spring 2010 AGEC 105 April 14, 2010 EQ #12 (worth 7 Points) Which of the following does NOT describe the real roots of the farm problem? (List ALL that apply) (a)Fixity of farm assets (b)Lack of market power by agricultural producers (c)Interest sensitivity of the agricultural sector (d)Own-price elasticity of demand for farm products is elastic (e)Underproduction of farm products Answer (d), (e)
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
2. The price support program through a loan rate is controlled by which
Background image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: government agency? Commodity Credit Corporation 3. Consider the diagram for wheat on the right. (a) With a loan rate of $3/bushel, farmers will supply __ 1200 _ bushels. (b) How many bushels of wheat will the government accumulate at the loan rate of $3/bushel? ___ 300 ___ bushels (c) What is the cost to taxpayers? $_ 900 _____ (d) What is the current national loan rate for wheat? $_ 2.94 _/bushel P 3 2 900 1000 1200 Q S D...
View Full Document

This document was uploaded on 12/13/2010.

Page1 / 2

EQ 12 Spring 2010 Answer - government agency? Commodity...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online