FBLA Agribusiness - TEST 2023 with 100% correct answers

The price of beef goes up in the grocery store due to a shortage of beef production in the country. This represents the economic concept of: correct answerssupply and demand A well-known restaurant chain has an outbreak of salmonella poisoning from tomatoes. The customer response to this situation represents economic correct answerselasticity The country whose per capita consumes the greatest amount of pork is: correct answersDenmark _________ consists of real estate (land), building, house, and various types of improvements to real estate. correct answersreal property A depreciable asset's book value will equal its salvage value: correct answersonly at the end of the useful life A farmer increases an investment in land, building, and equipment to increase the total units of production. The cost per unit of production correct answersdecreases The most important reason of complete farm financial records should be: correct answersto combine with production records to provide information for management decision making Marian and Sara borrow $175,000 on March 15. They expect to repay $100,000 on October 15 and the remaining balance on November 15. Calculate the total interest obligation if the interest rate is 8% and interest is charged on the daily outstanding principle balance. correct answers$8,666 Less workers are need for farm production due to correct answerstechnology One strategy to manage financial risk is correct answersmaintaining a low debt/asset ratio