agbm 106 exam 1 Question and answers
rated A+
(Assume P on vertical axis and Q on horizontal axis) Supply is downward
sloping in price (T/F) - correct answer ✔False
All other things being equal consumers prefer lower prices (T/F) - correct
answer ✔True
Assume the price of apples right now is $5.00/bushel (or bu for bushel). At
that price demanders demand 20 bu but suppliers are only supplying 10 bu,
for the market to reach equilibrium the price of apples must go down.
(T/F) - correct answer ✔False
Assume the price of grapes is $3.50/lb, at this price the amount demanders
are willing to demand is 10 lbs and the amount suppliers are willing to supply
at that price is 20 lbs. For this market to reach equilibrium the price of grapes
must go down.(T/F) - correct answer ✔True
I would like to use the number stored in cell A1 in a formula, this number will
not change. I intend to copy and paste this formula into a different column, I
will not paste into different rows. When I refer to cell A1 I should use? - correct
answer ✔A$1
Assume asparagus supply is fixed at 50 units post harvest and asparagus
quantity demanded = 200 -5*P. What is the equilibrium price? - correct
answer ✔$30
, The demand for tomatoes is fixed at 100 units. The supply of tomatoes is
given by tomato quantity supplied = 20 + 4*P. What is the equilibrium price? -
correct answer ✔$20
The demand for frog legs is given by QD = 4-P while the supply of frog legs is
given by QS = 1 + 3P. What is the equilibrium price of frog legs? - correct
answer ✔$.75
I have a number stored in cell A1, this number is fixed and never changes. I
will use the number in A1 in a formula that will get copied into different
columns and different rows. How should I refer to cell A1 in my formula? -
correct answer ✔$A$1
Demand is downward sloping in price. - correct answer ✔true
The demand for grapes is estimated to be QD = 100 - 5*P of Grapes + 2.2*P
Good x. Which of the following best describes the relationship between
grapes and good x? - correct answer ✔substitutes
Income is positively related to quantity demanded for all agricultural products.
- correct answer ✔False
Assume potatoes are a complement to turkey. If the price of potatoes goes
down then the equilibrium turkey price will decrease. - correct answer ✔false
The demand for peaches is estimated to be QD = 10 - 2*P of Peaches + 0.5*I.
If the price of peaches is $1.00 and income is $10 then peach demand
quantity is: - correct answer ✔13
Calculate the average of -5,0,5,7,-7: - correct answer ✔0
rated A+
(Assume P on vertical axis and Q on horizontal axis) Supply is downward
sloping in price (T/F) - correct answer ✔False
All other things being equal consumers prefer lower prices (T/F) - correct
answer ✔True
Assume the price of apples right now is $5.00/bushel (or bu for bushel). At
that price demanders demand 20 bu but suppliers are only supplying 10 bu,
for the market to reach equilibrium the price of apples must go down.
(T/F) - correct answer ✔False
Assume the price of grapes is $3.50/lb, at this price the amount demanders
are willing to demand is 10 lbs and the amount suppliers are willing to supply
at that price is 20 lbs. For this market to reach equilibrium the price of grapes
must go down.(T/F) - correct answer ✔True
I would like to use the number stored in cell A1 in a formula, this number will
not change. I intend to copy and paste this formula into a different column, I
will not paste into different rows. When I refer to cell A1 I should use? - correct
answer ✔A$1
Assume asparagus supply is fixed at 50 units post harvest and asparagus
quantity demanded = 200 -5*P. What is the equilibrium price? - correct
answer ✔$30
, The demand for tomatoes is fixed at 100 units. The supply of tomatoes is
given by tomato quantity supplied = 20 + 4*P. What is the equilibrium price? -
correct answer ✔$20
The demand for frog legs is given by QD = 4-P while the supply of frog legs is
given by QS = 1 + 3P. What is the equilibrium price of frog legs? - correct
answer ✔$.75
I have a number stored in cell A1, this number is fixed and never changes. I
will use the number in A1 in a formula that will get copied into different
columns and different rows. How should I refer to cell A1 in my formula? -
correct answer ✔$A$1
Demand is downward sloping in price. - correct answer ✔true
The demand for grapes is estimated to be QD = 100 - 5*P of Grapes + 2.2*P
Good x. Which of the following best describes the relationship between
grapes and good x? - correct answer ✔substitutes
Income is positively related to quantity demanded for all agricultural products.
- correct answer ✔False
Assume potatoes are a complement to turkey. If the price of potatoes goes
down then the equilibrium turkey price will decrease. - correct answer ✔false
The demand for peaches is estimated to be QD = 10 - 2*P of Peaches + 0.5*I.
If the price of peaches is $1.00 and income is $10 then peach demand
quantity is: - correct answer ✔13
Calculate the average of -5,0,5,7,-7: - correct answer ✔0
