Agec 1000 Final Exam questions well
answered passed
Which of the following are characteristics of a professional? - correct answer ✔✔All of the
above
Which answer is best described as being a scarce resource in our economy? - correct answer
✔✔fresh, clean water
Which answer best defines opportunity cost? - correct answer ✔✔The cost associated with the
next best alternative in a set of choices
Careers in agricultural economics always require a PhD. - correct answer ✔✔False
Which of the following would be a place where an agricultural economist would work? - correct
answer ✔✔State Department of Agriculture or USDA
In the food and fiber industry, where does the farmer typically operate? - correct answer
✔✔Between the farm input supply sector and the processing sector
Scarce resources like land, labor, and capital can be categorized as - correct answer ✔✔All of
the above
1 out of every 6 jobs is tied to the food and fiber industry, making it responsible for roughly 15
percent of GDP. - correct answer ✔✔True
, Most resources are best suited for a particular use. For example, climate and other conditions in
Florida allow resources to be used for orange production rather than wheat or potato
production. What economic concept deals with this issue? - correct answer ✔✔Specialization
Microeconomics is a branch of economics that focuses on the actions or behavior of individual
agents or groups of agents, while macroeconomics is a branch of economics that focuses on
broad aggregates of the economy - correct answer ✔✔True
How has the structure of farming in the U.S. changes in the last 100 years? - correct answer
✔✔Fewer numbers of farms, but more output from those farms
What are the barriers to entry for new farmers? - correct answer ✔✔All of the above
Productivity in farming has increased dramatically since World War II. What is one of the biggest
drivers of that increase? - correct answer ✔✔Adoption of genetically modified crops
More productivity in farming means more supply of crops, which puts downward pressure on
crop prices. How do farmers compete in these conditions? - correct answer ✔✔All of the above
Farm profitability is equal to the cash receipts from selling crops and livestock minus the costs of
production. - correct answer ✔✔True
What is the largest category of farm assets a farmers owns, other than their land? - correct
answer ✔✔Machinery and vehicle assets
Other than receipts from cash sales, what source of income do farmers often rely upon,
especially after a natural disaster or trade war? - correct answer ✔✔Government
payments/subsidies
answered passed
Which of the following are characteristics of a professional? - correct answer ✔✔All of the
above
Which answer is best described as being a scarce resource in our economy? - correct answer
✔✔fresh, clean water
Which answer best defines opportunity cost? - correct answer ✔✔The cost associated with the
next best alternative in a set of choices
Careers in agricultural economics always require a PhD. - correct answer ✔✔False
Which of the following would be a place where an agricultural economist would work? - correct
answer ✔✔State Department of Agriculture or USDA
In the food and fiber industry, where does the farmer typically operate? - correct answer
✔✔Between the farm input supply sector and the processing sector
Scarce resources like land, labor, and capital can be categorized as - correct answer ✔✔All of
the above
1 out of every 6 jobs is tied to the food and fiber industry, making it responsible for roughly 15
percent of GDP. - correct answer ✔✔True
, Most resources are best suited for a particular use. For example, climate and other conditions in
Florida allow resources to be used for orange production rather than wheat or potato
production. What economic concept deals with this issue? - correct answer ✔✔Specialization
Microeconomics is a branch of economics that focuses on the actions or behavior of individual
agents or groups of agents, while macroeconomics is a branch of economics that focuses on
broad aggregates of the economy - correct answer ✔✔True
How has the structure of farming in the U.S. changes in the last 100 years? - correct answer
✔✔Fewer numbers of farms, but more output from those farms
What are the barriers to entry for new farmers? - correct answer ✔✔All of the above
Productivity in farming has increased dramatically since World War II. What is one of the biggest
drivers of that increase? - correct answer ✔✔Adoption of genetically modified crops
More productivity in farming means more supply of crops, which puts downward pressure on
crop prices. How do farmers compete in these conditions? - correct answer ✔✔All of the above
Farm profitability is equal to the cash receipts from selling crops and livestock minus the costs of
production. - correct answer ✔✔True
What is the largest category of farm assets a farmers owns, other than their land? - correct
answer ✔✔Machinery and vehicle assets
Other than receipts from cash sales, what source of income do farmers often rely upon,
especially after a natural disaster or trade war? - correct answer ✔✔Government
payments/subsidies
