AGEC Exam 1 questions well answered
to pass
natural resources - correct answer ✔✔land and minerals
biological resources - correct answer ✔✔wildlife, crops, etc
human resources - correct answer ✔✔services provided by laborers that lead to the production
of goods
manufactured goods - correct answer ✔✔machines, equipment, and structures.
the economic benefit should exceed the _____ - correct answer ✔✔cost
opportunity cost - correct answer ✔✔- cost of an activity measured in terms of the best
alternative.
specialization - correct answer ✔✔- focusing the use of our resource on a specific task.
- usually leads to a higher output total.
- comparative advantage
- basis for trade
economics deals with how we handle - correct answer ✔✔scarce resources
microeconomics - correct answer ✔✔deals with individuals decision making
, macroeconomics - correct answer ✔✔- focuses on broad aggregates.
agricultural economics definition - correct answer ✔✔- social sciences that deals with how
producers, consumers, and societies use scarce resources in the production, processing, and
consumption of food and fiber products.
What are the sectors of the Food and Fiber Industry? - correct answer ✔✔1. Farm Input Sector
2. Farm Sector
3. Processing and Manufacture Sector
4. Wholesale and Retail Sector.
Comparative advantage leads to - correct answer ✔✔trade
index of the base period - correct answer ✔✔1
Index values show - correct answer ✔✔trends in economy
price indices measure - correct answer ✔✔inflation
nominal expenditures - correct answer ✔✔- measures without adjustment for inflation
real expenditures - correct answer ✔✔- measures with adjustments for inflation
real value = - correct answer ✔✔nominal value/price index
to pass
natural resources - correct answer ✔✔land and minerals
biological resources - correct answer ✔✔wildlife, crops, etc
human resources - correct answer ✔✔services provided by laborers that lead to the production
of goods
manufactured goods - correct answer ✔✔machines, equipment, and structures.
the economic benefit should exceed the _____ - correct answer ✔✔cost
opportunity cost - correct answer ✔✔- cost of an activity measured in terms of the best
alternative.
specialization - correct answer ✔✔- focusing the use of our resource on a specific task.
- usually leads to a higher output total.
- comparative advantage
- basis for trade
economics deals with how we handle - correct answer ✔✔scarce resources
microeconomics - correct answer ✔✔deals with individuals decision making
, macroeconomics - correct answer ✔✔- focuses on broad aggregates.
agricultural economics definition - correct answer ✔✔- social sciences that deals with how
producers, consumers, and societies use scarce resources in the production, processing, and
consumption of food and fiber products.
What are the sectors of the Food and Fiber Industry? - correct answer ✔✔1. Farm Input Sector
2. Farm Sector
3. Processing and Manufacture Sector
4. Wholesale and Retail Sector.
Comparative advantage leads to - correct answer ✔✔trade
index of the base period - correct answer ✔✔1
Index values show - correct answer ✔✔trends in economy
price indices measure - correct answer ✔✔inflation
nominal expenditures - correct answer ✔✔- measures without adjustment for inflation
real expenditures - correct answer ✔✔- measures with adjustments for inflation
real value = - correct answer ✔✔nominal value/price index
