题目
A characteristic of farmland strongly distinguishing it from timberland is its:
选项
A.commodity price-driven returns.
B.inherent rigidity of production for output.
C.value as an offset to other human activities.
答案
B
解析
B is correct. Unlike timberland products, farm products must be harvested when ripe, so there is little flexibility in the production process. In contrast, timber (trees) can be grown and easily “stored” by simply not harvesting. This feature offers the flexibility of harvesting more trees when timber prices are up and delaying harvests when prices are down. A is incorrect because just as a primary return driver for timberland is change in commodity price (of lumber from cut wood) in either the spot or futures price, farmland’s returns are driven by agricultural commodity prices, with commodity futures contracts potentially combined with farmland holdings to generate an overall hedged return. C is incorrect because for both farmland and timberland owned or leased for the benefit of the bounty each generates in the form of crops and more broadly timber, since these resources consume carbon as part of the plant life cycle, the considered value comes not just from the harvest but also from the offset to other human activities.：B是正确的。与林地产品不同，农产品必须在成熟时收割，因此生产过程几乎没有灵活性。相反，木材（树木）可以通过简单的不采伐来生长和容易地“储存”。这项功能提供了在木材价格上涨时收获更多树木和在价格下跌时推迟收获的灵活性。A是不正确的，因为正如t林地的主要回报驱动因素是现货或期货价格中商品价格的变化一样，农田的回报由农业商品价格驱动，商品期货合同可能与农田持有量相结合，以产生整体对冲回报。C是不正确的，因为对于以农作物和更广泛的木材形式产生的赏金为目的而拥有或租赁的农田和林地，由于这些资源作为植物生命周期的一部分消耗碳，所考虑的价值不仅来自收获，还来自对其他人类活动的抵消。