Suppose that the government has been supporting the price of corn. Its free market price is $2.50 per bushel, but the government has been setting a support price of $3.50 per bushel. Which of the following are ways that the government might try to reduce the size of the corn surplus?
Select one or more answers from the choices shown.
a. Decrease the support price.
b. Institute an acreage allotment program.
c. Decrease demand by taxing purchases of corn.
d. Raise the support price.
4. The majority of farm subsidies flow toward ____________.
a. Poor, small-scale farmers.
b. Rich, large-scale farmers.
c. Government employees.
d. Grain wholesalers.
5. Which of the following are elements of current U.S. farm policy?
a. Farmers are free to choose how much to plant of any particular crop.
b. Direct payments.
c. Price supports.
d. Countercyclical payments.
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