AGEC exam 1 questions and answers
already passed
what is dr. kings office # - correct answer ✔✔est 240
economics? - correct answer ✔✔began as "moral philosophy"
to understand what leads to human betterment and to increase it
classical economics? - correct answer ✔✔built upon a foundation of natural rights
-it sought to discover systems which could best
what are the 2 blocks of opposing schools of thought? - correct answer ✔✔-austrian and
classical
-keynesian and marxist
austrian and classical? - correct answer ✔✔-favors more liberalized/free markets
-favors minimal role for government in economy
keynesian and marxist? - correct answer ✔✔-favors more regulated markets
-favors government intervention in the economy
what has influenced economic schools of thought? - correct answer ✔✔the liberty debate
how did thomas hobbes view society? - correct answer ✔✔an unwashed and fickle mass
, what is economics? - correct answer ✔✔the study of how people allocate their limited
resources in an attempt to satisfy their unlimited wants
what is the study of economics common categorized into? - correct answer ✔✔positive and
normative economics
positive economics? - correct answer ✔✔"what is, or what can be"
-tested
normative economics? - correct answer ✔✔"value judgements"
-ones belief
agricultural economics? - correct answer ✔✔defined as an applied social science that deals with
how producers, consumers and societies use scarce resources in the production, marketing and
consumption of food and fiber products
agribusiness? - correct answer ✔✔the sum of total of all operations involved in the
manufacture and distribution of farm supplies
what is the importance of agribusiness? - correct answer ✔✔-50% of u.s. corporate and farm
assets
-20% food and fiber products
-20% labor force is employed
examples of microeconomic level jobs? - correct answer ✔✔-production economist
-market economist
-financial economist
already passed
what is dr. kings office # - correct answer ✔✔est 240
economics? - correct answer ✔✔began as "moral philosophy"
to understand what leads to human betterment and to increase it
classical economics? - correct answer ✔✔built upon a foundation of natural rights
-it sought to discover systems which could best
what are the 2 blocks of opposing schools of thought? - correct answer ✔✔-austrian and
classical
-keynesian and marxist
austrian and classical? - correct answer ✔✔-favors more liberalized/free markets
-favors minimal role for government in economy
keynesian and marxist? - correct answer ✔✔-favors more regulated markets
-favors government intervention in the economy
what has influenced economic schools of thought? - correct answer ✔✔the liberty debate
how did thomas hobbes view society? - correct answer ✔✔an unwashed and fickle mass
, what is economics? - correct answer ✔✔the study of how people allocate their limited
resources in an attempt to satisfy their unlimited wants
what is the study of economics common categorized into? - correct answer ✔✔positive and
normative economics
positive economics? - correct answer ✔✔"what is, or what can be"
-tested
normative economics? - correct answer ✔✔"value judgements"
-ones belief
agricultural economics? - correct answer ✔✔defined as an applied social science that deals with
how producers, consumers and societies use scarce resources in the production, marketing and
consumption of food and fiber products
agribusiness? - correct answer ✔✔the sum of total of all operations involved in the
manufacture and distribution of farm supplies
what is the importance of agribusiness? - correct answer ✔✔-50% of u.s. corporate and farm
assets
-20% food and fiber products
-20% labor force is employed
examples of microeconomic level jobs? - correct answer ✔✔-production economist
-market economist
-financial economist
