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AGEC 429 Exam 2 questions well answered already passed
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AGEC 429 Exam 2 questions well answered already passed
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AGEC 429 Exam 2 questions wellanswered already passed
Policy changes slowly as __________, ___________, ___________ change. - correct answer ✔✔value,
beliefs, goals
What three acts make up the three-legged stool? - correct answer ✔✔Morrill Act. Hatch Act, and Smith-
Lever Act
The Morrill Act donated? - correct answer ✔✔Public Lands to the several States and Territories which
may provide Colleges for the Benefit of Agriculture and the Mechanic Arts
The Hatch Act established? - correct answer ✔✔agricultural experiment stations (Research)
The Smith-Lever Act set up the? - correct answer ✔✔Extension system to communicate new
technologies from the USDA direct farmers
In what year did the federal government begin nutrition assistance? - correct answer ✔✔1933
Most of the current policies we have today have their roots in this Act? - correct answer ✔✔Agricultural
Adjustment Act of 1933
Last farm bill enacted without an expiration date? - correct answer ✔✔Agriculture Act of 1949
Parity prices definition: - correct answer ✔✔that price which today gives a unit of the commodity the
same purchasing power as it had in 1910-1914
What years were known as the "Golden Years" ? - correct answer ✔✔1970s
, Bad weather in U.S. and around the World, Russians started buying grain, Negative real interest rate,
Prices high "parity", all happened during the? - correct answer ✔✔golden years
The farm problems began from? - correct answer ✔✔inelasticity of supply and demand, weather, fixity
of ag resources, and bad government policy decisions
The CCC was created to? - correct answer ✔✔stabilize and support agricultural prices and farm income
by making loans and payments
The CCC handles all? - correct answer ✔✔all money transactions for agricultural price and income
support and related programs
The USDA credit card is also known as? - correct answer ✔✔The CCC
Farmer complaints about base acres and farm program yields: there was no? - correct answer
✔✔flexibility to plant for the market and still receive program benefits
Last farm bill to contain supply mgmt. provisions - correct answer ✔✔1990 Farm Bill
CCP = - correct answer ✔✔Target price - (Max Market Price) - Direct payments
MLG = - correct answer ✔✔Marketing loan rate - Market price
Under the 1990 Farm Bill, if the ARP for rice is announced at 10% but production only declined 4%, what
happened? Why? - correct answer ✔✔- Slippage of 6%: the percentage decrease in production is less
than the percent announced at APR
- Farmers idled least productive land and farmed other 90% more intensely with more fertilizer
What were 5 of the reasons given in class for the delay in getting the 2014 farm bill passed? - correct
answer ✔✔1. Really good prices for most commodities gave false feeling
2. Commodity groups championed proposals and were reluctant to compromise
3. Attention to budget deficit
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