One of the components of the Gross Farm Income is Government Payments. Table 1 below shows the amount of support the U.S

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One Of The Components Of The Gross Farm Income Is Government Payments Table 1 Below Shows The Amount Of Support The U S 1 (101.07 KiB) Viewed 18 times

One Of The Components Of The Gross Farm Income Is Government Payments Table 1 Below Shows The Amount Of Support The U S 2 (41.66 KiB) Viewed 18 times

One of the components of the Gross Farm Income is Government Payments. Table 1 below shows the amount of support the U.S. government gave to all farmers from 2015 to 2019, in $1,000 dollars, divided into five categories of payments. In 2015, for example, we can see that the government paid farmers the equivalent of $2,687,647,000 ($2.7 billion dollars) in Conservation Payments. Table 1: U.S. Government Payments to all U.S. farms, 2015-2019, $1,000 dollars. Marketing loan benefits Conservation Direct payments payments payments 4319085 0 2687647 112443 4531214 3152921 542590 4007187 2973242 485950 2018 1977422 2841402 519095 2019 1928021 3090322 874473 Source: USDA, Economic Research Service and National Agricultural Statistics Service (NASS), Agricultural Resource Management Survey. Data as of December 18, 2020. Countercyclical Year -type payments 2015 2016 2017 0 0 0 Other payments 1457787 1233885 1182182 5058095 10110644 All a) Complete the Table by computing the total of Government Payments in the last column. b) How much was paid to all U.S. farms in 2015 and 2017? Compute the total amount for both years. c) What is the percentage change in total payments between 2017 and 2018? d) What are the other components of the Gross Farm Income? e) What was the percentage change in Other Payments from 2015 to 2019? f) What was the percentage change in Marketing loan benefits payments from 2016 to 2018? g) In Table 2, compute the index numbers for each type of payment (except for Direct Payments which had zero values) and for the total of payments using 2015 as your reference year. h) Interpret the changes in total government payments relative to 2015, i.e., how much total payments increased or decreased in percentage compared to 2015.

i) Which are the two components that grew the most compared to 2015? By what percentage? j) In 2019, what was the share of Conservation Payments? Was it the most important category, if not, which one was it, and what was its share? Year 2015 2016 2017 2018 2019 Table 2: Index of government payments, by category and total, 2015-2019 (2018=1) Countercyclical-type Marketing loan Conservation payments 1 payments 1 benefits payments Other payments 1 1 All 1