Ag Bus 312=
Midterm St=
udy Guide
Covers Lec=
ture Notes
1 through 4
Dr. Hurley=
1.
Be abl=
e to
define/explain the following:
= a. = Policy
= b. = Agricultural and Food Policy
= c. = The Settlement Period
= d. = Homestead Act of 1862
= e. = Morrill Acts of 1862 and 1890
= f. = Hatch Act of 1887
= g. = Smith-Lever Act of 1914
= h. = New Deal Period
= i. = &nb= sp; Federal Farm Board Act of 1929
= j. = &nb= sp; Agricultural Adjustment Act of 1933
= k. = Soil Conservation Act of 1936
= l. = &nb= sp; Agricultural Act of 1949
= m. = Flexible Supply Support Period
= n. = Agricultural Act of 1954
= o. = Agricultural Act of 1956
= p. = Food and Agricultural Act of 1965
= q. = Coupled Direct Payment Period
= r. = &nb= sp; Agricultural Act of 1970
= s. = Agricultural and Consumer Protection Act of 1973
= t. = &nb= sp; Food and Agricultural Act of 1977
= u. = Food Security Act of 1985
= v. = Federal Agricultural Improvement Act of 1996
= w. = Farm Security and Rural Investment Act of 2002
= x. = Price Supports
= y. = Government Purchase Programs
= z. = Nonrecourse Loan Program
= aa. = Loan Rate
= bb. = Supply Controls
= cc. = Land Retirement Programs
= dd. = Acreage Allotments
= ee. = Marketing Quotas
= ff. = Direct Payments
= gg. = Coupled Direct Payments
= hh. = Target Price
= ii. = Deficiency Payment
= jj. = Loan Deficiency Payment
= kk. = Decoupled Direct Payments
= ll. = Utility Function
= mm. = Budget Constraint
= nn. = Consumer Equilibrium
= oo. = Law of Demand
= pp. = Consumer Surplus
= qq. = Law of Supply
= rr. = Producer Surplus
= ss. = Elasticity
= tt. = Own-Price Elasticity of Supply
= uu. = Own-Price Elasticity of Demand
= vv. = Equilibrium
= ww. = Market Equilibrium
= xx. = Total Economic Surplus
= yy. = Welfare Analysis
= zz. = Market Disequilibrium
= aaa. = Market Surplus
= bbb. = Market Shortage
= ccc. = Welfare Economics
= ddd. = Positive Economics
= eee. = Normative Economics
= fff. = Compensating Variation
= ggg. = Equivalent Variation
= hhh. = Pareto Optimality
= iii. = Pareto Improvement
= jjj. = Pareto Dominated Allocation
= kkk. = Edgeworth-Bowley Box
= lll. = First Fundamental Theorem of Welfare
= mmm. Second Fundamental Theorem of Welfare
= nnn. = Quasi-Rent
= ooo. = Output Restriction
= ppp. = Input Restriction
qqq.
2.
Short =
Answer
Questions
a.&n= bsp; What do agricultural and food policies have influen= ce over?
b.&n= bsp; Name three out of the eight factors influencing agricultural and food policy. Please explain how each can influence policy.
c.&n= bsp; What are the five primary agricultural policy periods? Please explain the p= rimary driving factor(s) behind one of these periods.
d.&n= bsp; What were two acts established in the Settlement Period? Please explain each.<= /p>
e.&n= bsp; What were two acts established in the New Deal Period? Please explain each.<= /p>
f.&n= bsp; What were two acts established in the Flexible Price Support Period? Please explain each.
g.&n= bsp; What were two acts established in the Coupled Direct Payment Period? Please explain each.
h.&n= bsp; What were two acts established in the Decoupled Dir= ect Payment Period? Please explain each.
i.&n= bsp; What are seven of the ten titles under the Farm Security and Rural Investment Act?
j.&n= bsp; What are three of the five rationales for government intervention?
k.&n= bsp; What are the two important pillars that consumer th= eory rests upon? Please briefly ex= plain each.
l.&n= bsp; What are three major items that affect the demand curve?
m.&n= bsp; How do you derive the market demand curve?
n.&n= bsp; Please explain how you derive the firm’s supp= ly curve?
o.&n= bsp; What items affect the supply curve?
p.&n= bsp; How do you derive the market supply curve?
q.&n= bsp; Why is it useful to use elasticity?
r.&n= bsp; What are three ways of classifying elasticity?
s.&n= bsp; What is the key difference between positive and nor= mative economics?
t.&n= bsp; What are two ways to measure welfare changes due to= a policy change?
u.&n= bsp; Please explain two ways of measuring producer’= ;s welfare?
v.&n= bsp; Why is quasi-rent a better measure if welfare than profit?
w.&n= bsp; Why is producer surplus a better measure if welfare than profit?
x.&n= bsp; What are the eight steps of graphical welfare analy= sis?
y.&n= bsp; What are two types of supply control policies? Please explain each.
z.&n= bsp; What is an unintended consequence to an output quot= a?
aa.&= nbsp; Does every producer gain with an output quota? Please explain.
bb.&= nbsp; What are two ways an input restriction can affect the supply curve? Please explain.
cc.&= nbsp; What are two main reasons why supply management fails? Please explain each.
3.&n= bsp; You should be able to take any scenario given to you and do a graphical welfare analysis on the policy change.
4.&n= bsp; Note: Any questions on the problem sets or quiz are fair game for the exam with potentially the numbers changed or the scenario changed.
5.&n=
bsp;
You should expect approximately three to five
definitions,