Exam (elaborations)
FARM AND AGRIBUSINESS MANAGEMENT CDE QUESTIONS AND ANSWERS
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FARM AND AGRIBUSINESS MANAGEMENT CDE QUESTIONS AND ANSWERS
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Name: Score:100 Multiple choice questions
Term 1 of 100
Recently Super Saver raised their donut prices from $.60 to $.88. This is most likely due to
inflation.
True
False
Term 2 of 100
Nintendo released a miniature version of their classic game console just before the holidays at
a price of $60. The console has consistently sold out, and many experts believe there will be a
persistent shortage, extending past Christmas. This is an example of a market failure due to
what?
Inflexible Prices
A price above equilibrium
A negative Externality
A positive externality
Term 3 of 100
Assume Corn and Milo are perfect substitutes in a feed ration for chickens. The same energy is
provided by either 1 lb. of corn or 1.5 lb. of mil. If the price of corn is $.10 per lb. while the price
of milo is $.08/lb, the cost minimizing producer would:
Use all corn
Us all milo
Use half corn, half milo
Use 60% corn and 40% milo
,Term 4 of 100
Which of the following is an asset?
The account balance at a farm supply store
Fence
The sale of corn
The net worth of the business
Term 5 of 100
Assessing the potential production gains of new technology depends on the manager's ability
to evaluate which type of risk?
Production
Market
Financial
Persona
Term 6 of 100
What river borders Nebraska to the East?
Missouri
Mississippi
Amazon
Nile
,Term 7 of 100
Suppose a crop consultant estimates there is a 20 percent chance of a major insect infestation,
which would reduce your per acre profits by $60. There is a precautionary treatment available,
but must be applied by a professional at a rate of $15 per acre. What is the expected value if
you have the treatment applied?
$12
$15
$3
$-3
Term 8 of 100
Why would a manager choose to use MACRS or double declining balance as a depreciation
method instead of straight-line?
Ease
They plan to sell the asset before it is salvaged
To offset income at the end of the asset's useful life for income tax purposes
To show equal depreciation over the assets useful life
Term 9 of 100
Which of the following is the simplest precaution against financial, market, and production
risk?
Having Large Cash Reserves
Always borrowing utilizing balloon loans
Obtaining a limited partner
Converting a Sole Proprietorship to an LLC or S corp
Term 10 of 100
True/false: A sole proprietorship can have multiple owners (as in a married couple on a farm)
True
False
, Term 11 of 100
Which state in has the highest output (as measured in dollars) of total farm production?
Nebraska
Iowa
Illinois
Texas
California
Term 12 of 100
The __________Function show the relationship between one input and total output.
Production
Consumption
Isoquant
Isorevenue
Term 13 of 100
A farm has current assets of $50,000, non-current assets of $4,500,000 and liabilities of
$4,000,000. What is the value of this farm's owner's equity?
$4,550,000
$8,550,000
$550,000
$50,000
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