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Agriculture Economics Final 5/7 || with 100% Correct Answers. $13.49
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Agriculture Economics Final 5/7 || with 100% Correct Answers.
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  • Agriculture Economics
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  • Agriculture Economics

the payment to land is: correct answers rent the relationship between the price of a good and the quantity of a good consumed: correct answers inverse most farm families: correct answers rely on off-farm income scarcity is the fundamental concept of economics because: correct answers it fo...

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  • December 17, 2024
  • 24
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • Agriculture Economics
  • Agriculture Economics

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Agriculture Economics Final 5/7 || with 100% Correct
Answers.
the payment to land is: correct answers rent

the relationship between the price of a good and the quantity of a good consumed: correct
answers inverse

most farm families: correct answers rely on off-farm income

scarcity is the fundamental concept of economics because: correct answers it forces us to choose

a phone call is an example of a: correct answers service

garbage is an example of: correct answers a non economic good

since WWII, US agriculture has been characterized by: correct answers increasing exports of US
agricultural products
massive substitution of machines and chemicals for workers
massive consolidation of farms
all of the above

the statement, "gambling is legal in Nevada" is an example of: correct answers positive
economics

economics exists because of: correct answers scarcity

the term, ceteris paribus, in economics means: correct answers holding all else constant

a producer is: correct answers a business firm that makes a good and sells it to maximize profit
a firm that produces a profit
an individual who makes a good or service
all of the above

the statement, "the price of wheat should be higher" is an example of: correct answers normative
economics

scarcity: correct answers is the fundamental principle of economics

when the gasoline increases, ceteris paribus: correct answers the quantity demanded of gasoline
will decrease

the statement, "The price of soybeans is $8.21/bu" is an example of: correct answers positive
economics

,the price of cattle assumes: correct answers the same quality of livestock

the payment to management is: correct answers profit

suppose that the demand for hamburgers in Chicago is given by: P=100-2Q. the y-intercept of
the demand curve is given by: correct answers 100

suppose that congress increased the minimum wage to $12.50/hr, ceteris paribus, this will:
correct answers decrease the number of fast food workers

economics assumes that all business firms desire to: correct answers maximize profits

all graphs must include the following on each axis: correct answers labels and units

the US is an example of: correct answers a mixed economy

a consumer is: correct answers a household
a buyer
a customer
all of the above

an economic good is always: correct answers scarce

resources are: correct answers scarce

in a command economy, resources are allocated by: correct answers whoever is in charge

economics: correct answers provides a tool to choose between alternatives
helps us make business, career, and personal decisions
all of the above

if the price of corn increases, then: correct answers not enough information to answer

the statement, "Micael phelps is the greatest athlete of all time" is an example of: correct answers
normative economics

the equation of a line, y=b+mx correct answers m is the slope

a command economy could not be: correct answers a market economy

North Korea is an example of a: correct answers mixed economy

total revenues for a business firm in the US are equal to: correct answers PQ

microeconomics concerns: correct answers the decisions of individual firms and households

, a noneconomic good is also called: correct answers a free good

a market economy: correct answers allocates goods by prices

economics is: correct answers all about making good decisions in our careers and lives

total revenues are equal to: correct answers price times quantity in terms of dollars

mechanization of agriculture has: correct answers eliminated millions of agricultural jobs
been due to relative price changes
results in larger farms
all of the above

if china continues to have high rates of economic growth, the following groups will benefit:
correct answers US farmers and ranchers

if the price of corn increases relative to other crops: correct answers corn production will
increase, and corn consumption will decrease

economic decisions are made by: correct answers relative prices

if the price of corn increases: correct answers producers benefit; but consumers lose

if the price of organic food decreases relative to food produced with chemicals, then: correct
answers farmers will plant more acres to conventional food

an Iowa corn producer who has studied economics will desire to: correct answers use the profit
maximizing level of all inputs, including fertilizer

the payment to capital is: correct answers interest

agriculture is: correct answers global in nature

all real world economies are: correct answers mixed

a massive consolidation of farms in the US is due to: correct answers substitution of K for L

in economics, the term capital refers to: correct answers physical capital only

which of the following changes will change a firm's production function? correct answers
changes in technology

a student who has studied all night to the point of falling asleep during an exam is in what stage
of production? correct answers three

at the point where APP=MPP correct answers MPP is decreasing

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