ARE 433 Midterm 2 Study Guide Exam
Latest Update
Early farm programs were mainly focused on land transfers. - ANSWER True
The Homestead Act of 1862 provided how much land to each settler (who
farmed on it for 5 years)? - ANSWER 160 Acres
The Morrill Act of 1862 brought about the establishment of - ANSWER Land Grand
Universities
The Smoot-Hawley Tariff Act of 1930 was responsible for - ANSWER reducing
international trade
Prior to the Jones-Costigan Act of 1934, which country provided the U.S.
with most of its sugar? - ANSWER Cuba
Federal crop insurance programs were introduced in which year? - ANSWER 1938
The last permanent piece of farm legislation is the - ANSWER 1948 Agricultural
Adjustment Act
PL480 is a program that provides - ANSWER International Food Aid
Autarky refers to a condition of free and open trade. - ANSWER False
If the world price is above the autarky price, a country will export the
good. - ANSWER True
Land retirement programs tended to be very popular in rural communities. - ANSWER
False
Under the 1938 Act, support prices were based upon the cost of production. - ANSWER
False
The "Soil Bank" was a conservation program that paid farmers to remove
their land from production. - ANSWER True
The 1954 Act introduced the notion of "Commodity Titles," where all
commodities were treated as a group in a general program context. - ANSWER True
The bulk of American farmland was claimed by settlers by 1865. - ANSWER False
The 1914 Smith Lever Act established agricultural experiment stations. - ANSWER False
, The Commodity Credit Corporation was initially established to administer
the cotton loan program. - ANSWER True
Market loss assistance (MLA) was an important component of the 1996 FAIR
Act legislation. - ANSWER False
In terms of projected spending on agriculture, the 1996 FAIR Act was more
generous than the 2002 FSRIA Act. - ANSWER False
Which of the following conservation programs received the biggest increase
in funding in the 2002 Farm Bill? - ANSWER EQIP
Loan deficiency payments are paid on the basis of actual production and
yield (and not on base). - ANSWER True
Base acreage and yield became completely irrelevant to farm policy after
the 1996 FAIR Act. - ANSWER False
At the time of the FAIR Act, which of the following characterized the
agricultural policy environment? - ANSWER -High prices
- A budget concious Congress
-Strong influence from farm states such as Iowa and Kansas
-All of the above
Under the deficiency payments programs of the early 1990s, if the target
price was $3, the loan rate is $2, and the market price is $1.50, how much
would have been paid to growers per bushel of qualified production? - ANSWER $1 in
deficiency payments and
$0.50 in marketing loan gains
Prior to 2008, the "3-Entity Rule" was in effect and the formal limit on
payments to any entity was $180,000. This means the effective limit on cash
payments was - ANSWER $360,000
Which of the following events had a significant negative impact on world
demand for US agricultural exports in the late 1990s? - ANSWER The Asian Financial
Crisis
Latest Update
Early farm programs were mainly focused on land transfers. - ANSWER True
The Homestead Act of 1862 provided how much land to each settler (who
farmed on it for 5 years)? - ANSWER 160 Acres
The Morrill Act of 1862 brought about the establishment of - ANSWER Land Grand
Universities
The Smoot-Hawley Tariff Act of 1930 was responsible for - ANSWER reducing
international trade
Prior to the Jones-Costigan Act of 1934, which country provided the U.S.
with most of its sugar? - ANSWER Cuba
Federal crop insurance programs were introduced in which year? - ANSWER 1938
The last permanent piece of farm legislation is the - ANSWER 1948 Agricultural
Adjustment Act
PL480 is a program that provides - ANSWER International Food Aid
Autarky refers to a condition of free and open trade. - ANSWER False
If the world price is above the autarky price, a country will export the
good. - ANSWER True
Land retirement programs tended to be very popular in rural communities. - ANSWER
False
Under the 1938 Act, support prices were based upon the cost of production. - ANSWER
False
The "Soil Bank" was a conservation program that paid farmers to remove
their land from production. - ANSWER True
The 1954 Act introduced the notion of "Commodity Titles," where all
commodities were treated as a group in a general program context. - ANSWER True
The bulk of American farmland was claimed by settlers by 1865. - ANSWER False
The 1914 Smith Lever Act established agricultural experiment stations. - ANSWER False
, The Commodity Credit Corporation was initially established to administer
the cotton loan program. - ANSWER True
Market loss assistance (MLA) was an important component of the 1996 FAIR
Act legislation. - ANSWER False
In terms of projected spending on agriculture, the 1996 FAIR Act was more
generous than the 2002 FSRIA Act. - ANSWER False
Which of the following conservation programs received the biggest increase
in funding in the 2002 Farm Bill? - ANSWER EQIP
Loan deficiency payments are paid on the basis of actual production and
yield (and not on base). - ANSWER True
Base acreage and yield became completely irrelevant to farm policy after
the 1996 FAIR Act. - ANSWER False
At the time of the FAIR Act, which of the following characterized the
agricultural policy environment? - ANSWER -High prices
- A budget concious Congress
-Strong influence from farm states such as Iowa and Kansas
-All of the above
Under the deficiency payments programs of the early 1990s, if the target
price was $3, the loan rate is $2, and the market price is $1.50, how much
would have been paid to growers per bushel of qualified production? - ANSWER $1 in
deficiency payments and
$0.50 in marketing loan gains
Prior to 2008, the "3-Entity Rule" was in effect and the formal limit on
payments to any entity was $180,000. This means the effective limit on cash
payments was - ANSWER $360,000
Which of the following events had a significant negative impact on world
demand for US agricultural exports in the late 1990s? - ANSWER The Asian Financial
Crisis
