Asked by tommy lindberg on May 26, 2024
Verified
What points did the Agricultural Act of 2014 address?
Agricultural Act
Legislation aimed at regulating agricultural practices, supporting farmers, and shaping agricultural policy.
- Examine the impact of state regulations on the economics of farming, specifically regarding price aids and financial assistance.
Verified Answer
KP
Karmdeep PurewalMay 31, 2024
Final Answer :
The Agricultural Act of 2014 ended direct payments and countercyclical payments because it was politically difficult to justify paying farmers for crops they didn't grow. The 2014 Act also established the dairy margin protection program, which makes payments if the price of milk falls too low or the cost of feed rises too high. The marketing loan program was continued as a way for farmers to reduce the risk of price and revenue variability. To help farmers further reduce risk, the Act created two new crop insurance programs: price loss coverage and agricultural risk coverage.
Learning Objectives
- Examine the impact of state regulations on the economics of farming, specifically regarding price aids and financial assistance.
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