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AGEC 333 Final Actual Exam Questions and CORRECT Answers
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AGEC 333 Final Actual Exam Questions and CORRECT Answers A price taker is one who has little say over establishing an asking price - CORRECT ANSWER- True Storage, transportation, and financing are facilitating functions of marketing - CORRECT ANSWER- False Farmer's marketing programs are t...

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  • September 23, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • agec 333 final a
  • agec 333 final
  • agec 333
  • age
  • agec

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  • AGEC 333
  • AGEC 333

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AGEC 333 Final Actual Exam Questions
and CORRECT Answers
A price taker is one who has little say over establishing an asking price - CORRECT
ANSWER✔✔- True


Storage, transportation, and financing are facilitating functions of marketing - CORRECT
ANSWER✔✔- False


Farmer's marketing programs are typically not as strong as the procurement programs of their
buyers - CORRECT ANSWER✔✔- True


In terms of the market models covered in chapter 2, the fast food industry is most like perfect
competition - CORRECT ANSWER✔✔- False


Micro marketing is more complex for the manager of a firm in perfect competition rather
than oligopolistic competition - CORRECT ANSWER✔✔- False


Agribusiness handling commodities generally engage in less price competition than those
merchandising differentiated products because firms handling commodities are not able to do
much about fixing prices - CORRECT ANSWER✔✔- False


Convenience yield pertains to the storage of commodities, even though the market is not
signaling storage opportunities - CORRECT ANSWER✔✔- True


If the price of a farm commodity such as lettuce falls abruptly, you can be confident that
lettuce production costs have fallen - CORRECT ANSWER✔✔- False


Whereas price cycles refer to price patterns within a year, seasonality refers to patterns that
may occur over longer periods - CORRECT ANSWER✔✔- False


Engle's law states that low incomes increase, the proportion spent on food ordinarily
increases - CORRECT ANSWER✔✔- False

, The cause of change in consumption is always a shift in the demand curve - CORRECT
ANSWER✔✔- False


Own-price elasticities of demand vary between zero and negative infinity - CORRECT
ANSWER✔✔- True


Grain utilization per capita generally rises with per capita incomes - CORRECT
ANSWER✔✔- True


In dollar terms, less than one-half of US annual agricultural exports have typically been
animal products - CORRECT ANSWER✔✔- True


Asia has been the largest continental market for US agricultural exports - CORRECT
ANSWER✔✔- True


As a nation favoring free trade, the US imports nearly any agricultural commodity without
restrictions or barriers - CORRECT ANSWER✔✔- False


Most farmers would be indifferent between using a forward contract or a future contract -
CORRECT ANSWER✔✔- False


Grades are useless unless they conform to differences in demand - CORRECT
ANSWER✔✔- True


The process by which a retailer attempts to serve his customers by putting together a line of
different products is called assorting - CORRECT ANSWER✔✔- True



Interest is usually an insignificant cost of storage - CORRECT ANSWER✔✔- False



Most shipping is done by sellers, not buyers - CORRECT ANSWER✔✔- True

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