AGEC 3203 Exam 1 questions well
answered passed
The food marketing system is called a system because it consists of interrelated component
parts that contribute to overall firm, industry, and social goals. (T/F) - correct answer ✔✔True
Two major types of activities that occur in the food marketing system are (1) the physical
handling of, storage, processing, and transfer of raw and finished goods as they move from
producers to consumers and (2) the exchange and price setting processes. (T/F) - correct answer
✔✔True
Food marketing is defined as the performance of all business activities involved in the flow of
food products and services from the point of initial agricultural production until they are in the
hands of consumers. (T/F) - correct answer ✔✔True
Production is the creation of utility, the process of making useful goods and services. (T/F) -
correct answer ✔✔True
The food industry's three components are not (1) the input sector, (2) the farm sector, and (3)
the product market sector. (T/F) - correct answer ✔✔False
Macromarketing and micromarketing are two similar views of the food production sector. (T/F) -
correct answer ✔✔False
Macromarketing involves making decisions how, when, where, and what to buy and sell. (T/F) -
correct answer ✔✔False
, Marketable Surplus is the production of less than is needed for personal consumption. (T/F) -
correct answer ✔✔False
The exchange functions are those activities involved in the transfer of title to goods. (T/F) -
correct answer ✔✔True
The buying function is the seeking out the sources of supply, assembling the products, and
performing the activities associated with purchase. (T/F) - correct answer ✔✔True
The physical functions are those activities that involve handling, movement, and physical
change of the actual commodity. (T/F) - correct answer ✔✔True
The storage function is primarily concerned with not making goods available at a desired time.
(T/F) - correct answer ✔✔False
The processing function includes all activities that change the basic form of the product, such as
converting live animals into meat, fresh peas into canned or frozen peas, and wheat into flour
and finally into bread. (T/F) - correct answer ✔✔True
The standardization function is the establishment and maintenance of measurements that may
be measurements of quality and quantity. (T/F) - correct answer ✔✔True
The market intelligence function does not include collecting, interpreting, and disseminating the
large variety of data necessary to the operation of the food marketing processes. (T/F) - correct
answer ✔✔False
The institutional approach considers the nature and character of the various middlemen and
related agencies but not the arrangement and organization of the marketing activities. (T/F) -
correct answer ✔✔False
answered passed
The food marketing system is called a system because it consists of interrelated component
parts that contribute to overall firm, industry, and social goals. (T/F) - correct answer ✔✔True
Two major types of activities that occur in the food marketing system are (1) the physical
handling of, storage, processing, and transfer of raw and finished goods as they move from
producers to consumers and (2) the exchange and price setting processes. (T/F) - correct answer
✔✔True
Food marketing is defined as the performance of all business activities involved in the flow of
food products and services from the point of initial agricultural production until they are in the
hands of consumers. (T/F) - correct answer ✔✔True
Production is the creation of utility, the process of making useful goods and services. (T/F) -
correct answer ✔✔True
The food industry's three components are not (1) the input sector, (2) the farm sector, and (3)
the product market sector. (T/F) - correct answer ✔✔False
Macromarketing and micromarketing are two similar views of the food production sector. (T/F) -
correct answer ✔✔False
Macromarketing involves making decisions how, when, where, and what to buy and sell. (T/F) -
correct answer ✔✔False
, Marketable Surplus is the production of less than is needed for personal consumption. (T/F) -
correct answer ✔✔False
The exchange functions are those activities involved in the transfer of title to goods. (T/F) -
correct answer ✔✔True
The buying function is the seeking out the sources of supply, assembling the products, and
performing the activities associated with purchase. (T/F) - correct answer ✔✔True
The physical functions are those activities that involve handling, movement, and physical
change of the actual commodity. (T/F) - correct answer ✔✔True
The storage function is primarily concerned with not making goods available at a desired time.
(T/F) - correct answer ✔✔False
The processing function includes all activities that change the basic form of the product, such as
converting live animals into meat, fresh peas into canned or frozen peas, and wheat into flour
and finally into bread. (T/F) - correct answer ✔✔True
The standardization function is the establishment and maintenance of measurements that may
be measurements of quality and quantity. (T/F) - correct answer ✔✔True
The market intelligence function does not include collecting, interpreting, and disseminating the
large variety of data necessary to the operation of the food marketing processes. (T/F) - correct
answer ✔✔False
The institutional approach considers the nature and character of the various middlemen and
related agencies but not the arrangement and organization of the marketing activities. (T/F) -
correct answer ✔✔False
