Exam 1 Fall 2014

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Texas A&M University *

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614

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Economics

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Feb 20, 2024

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Exam 1 Fall 2014 All “Good” answers will have at least one graph as part of the answer. 1. Ractopamine is a feed ingredient that allows pigs to use more of their food to produce more lean meat and less fat. Ractopamine use increases weight gain per day and feed efficiency, decreasing per unit costs. Several counties have banned the use of ractopamine. A) Analyze graphically and describe the economic impact of eliminating ractopamine from the production process. B) China has an agricultural policy tool to increase the productivity of their pig herd. Might this offset the loss of ractopamine? Analyze with a graph and describe. 2. Compare and contrast the Direct, Counter-Cyclical, and Marketing Loan Programs of the old farm bill with the PLC-ARC and Marketing Loan Program of the new farm bill. Use graphs and describe. 3. Cotton Prices have fallen below the loan rate. What are cotton farmer’s choices in using the marketing loan program? Using graphs and discussion, analyze the effects of lower cotton prices on farmer revenue and government farm program spending. What is the effect of cotton prices below the loan rate on cotton farmer’s income risk? Could Thailand convert their price support program to a marketing loan program to solve their current problem? 4. Farmer’s of covered commodities have to choose between ARC and PLC when signing up for the 2014 farm program. Compare and contrast these options. Do they differ in their effect on price and income risk? In general, under what conditions would a farmer prefer one to the other? 5. Oil prices have fallen almost 20 percent over the last 2 months. Analyze the impact of this on crop (any crop) production and prices. Does this have implications for potential farm program payments (ARC, PLC, LDPs)?

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