What kind of income for a farmer would a hail storm affect

Question

Quizplus · Accepted Answer

A hail storm would have a negative impact on a farmer's crops, affecting their yield and directly impacting their revenue for that season. This loss of income would be considered a transitory income shock, as it is a temporary disruption to the farmer's income stream. It would not affect their permanent income, which refers to their long-term average income, or their economic life cycle income, which reflects their income over their entire lifetime. Natural income is not a relevant concept in this context.

What Kind of Income for a Farmer Would a Hail