Economics (McConnell), 18th Edition

Chapter 19: Agriculture: Economics and Policy

IN THIS CHAPTER YOU WILL LEARN:

1. Why agricultural prices and farm income are unstable.



2. Why there has been a huge employment exodus from agriculture to other U.S. industries over the past several decades.



3. The rationale for farm subsidies and the economics and politics of price supports (price floors).



4. Major criticisms of the price-support system in agriculture.



5. The main elements of existing Federal farm policy.