AGEC 101 Exam 2 UWRF questions well
answered to pass
Which of the following parts of the SWOT analysis are internal to the business?
A. Strengths
B. Weaknesses
C. Opportunities
D. Threats - correct answer ✔✔A and B. Strengths and Weaknesses
The Law of Demand states:
A. There us a direct relationship between price and quantity demanded
B. There is an inverse relationship between price and quantity demanded.
C. There is no relationship between price and quantity demanded
D. The law of Diminishing Marginal Utility holds - correct answer ✔✔B. There is an inverse
relationship between price and quantity demanded.
Which has the least elastic demand curve?
A. Oranges
B. Fruit
C. Food
D. Apples - correct answer ✔✔C. food
A decrease in the price of oil results in:
A. A decrease in the quantity supplied of natural gas
B. a decrease in the supply of wheat
, C. an increase in the quantity supplied of oil
D. All of the above - correct answer ✔✔B. a decrease in the supply of wheat
An increase in the price of corn could be caused by:
A. An increase in the demand for soybeans
B. An increase in the supply of corn
C. An increase in the demand for corn
D. None of the above - correct answer ✔✔C. An increase in the demand for corn
Increased ethanol production has resulted in:
A. Higher corn prices
B. higher corn and soybean prices
C. Higher corn prices but lower soybean prices
D. Lower corn and soybean prices - correct answer ✔✔B. higher corn and soybean prices
If the price of fuel increases, this will result in the following changes for food:
A. an increase in price and increase in the quantity
B. A decrease in price and increase in the quantity
C. An increase in price and decrease in quantity
D. A decrease in price and quantity - correct answer ✔✔C. An increase in price and decrease in
quantity
An increase in income will result in the following changes for food:
A. an increase in price and increase in the quantity
B. A decrease in price and an increase in quantity
C. An increase in price and decrease in quantity
answered to pass
Which of the following parts of the SWOT analysis are internal to the business?
A. Strengths
B. Weaknesses
C. Opportunities
D. Threats - correct answer ✔✔A and B. Strengths and Weaknesses
The Law of Demand states:
A. There us a direct relationship between price and quantity demanded
B. There is an inverse relationship between price and quantity demanded.
C. There is no relationship between price and quantity demanded
D. The law of Diminishing Marginal Utility holds - correct answer ✔✔B. There is an inverse
relationship between price and quantity demanded.
Which has the least elastic demand curve?
A. Oranges
B. Fruit
C. Food
D. Apples - correct answer ✔✔C. food
A decrease in the price of oil results in:
A. A decrease in the quantity supplied of natural gas
B. a decrease in the supply of wheat
, C. an increase in the quantity supplied of oil
D. All of the above - correct answer ✔✔B. a decrease in the supply of wheat
An increase in the price of corn could be caused by:
A. An increase in the demand for soybeans
B. An increase in the supply of corn
C. An increase in the demand for corn
D. None of the above - correct answer ✔✔C. An increase in the demand for corn
Increased ethanol production has resulted in:
A. Higher corn prices
B. higher corn and soybean prices
C. Higher corn prices but lower soybean prices
D. Lower corn and soybean prices - correct answer ✔✔B. higher corn and soybean prices
If the price of fuel increases, this will result in the following changes for food:
A. an increase in price and increase in the quantity
B. A decrease in price and increase in the quantity
C. An increase in price and decrease in quantity
D. A decrease in price and quantity - correct answer ✔✔C. An increase in price and decrease in
quantity
An increase in income will result in the following changes for food:
A. an increase in price and increase in the quantity
B. A decrease in price and an increase in quantity
C. An increase in price and decrease in quantity
